Aspect Software talks delayed-draw term loan at discount of 99½

By Sara Rosenberg

New York, July 1 - Aspect Software Inc. is offering its $85 million delayed-draw term loan due May 2016 (B1/B) at an original issue discount of 991/2, according to a market source.

Pricing on the loan is Libor plus 550 basis points with a 1.75% Libor floor, in line with existing term loan pricing, and there is 101 soft call protection for six months, the source said.

The company is also looking to amend its existing $403 million term loan and lenders are being offered a 5 bps consent fee.

Commitments/consents were due on Monday.

J.P. Morgan Securities LLC is the lead bank on the deal.

At first, the company was looking to reprice its existing term loan to Libor plus 400 bps with a 1.25% Libor floor and was talking the delayed-draw term loan at that same level, but last week the decision was made to pull the repricing and increase pricing on the delayed-draw loan to match the existing debt.

Under the original proposal, the delayed-draw loan was offered at 99½ and had 101 soft call protection for one year.

Proceeds from the delayed-draw loan will be used to help fund a future acquisition.

Aspect Software is a Chelmsford, Mass.-based provider of customer contact and enterprise workforce optimization solutions.

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