Aspect Software issues delayed-draw term loan at discount of 99

By Sara Rosenberg

New York, July 9 - Aspect Software Inc. sold its $85 million delayed-draw term loan due May 2016 (B1/B) at an original issue discount of 99, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The discount came wide of the prior talk of 991/2.

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.

J.P. Morgan Securities LLC led the deal that was completed on July 2.

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, during syndication, the decision was made to pull the repricing and increase pricing on the delayed-draw loan to match the existing debt.

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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