Aspect Software extends revolver, replaces administrative agent

By Marisa Wong

Madison, Wis., Nov. 10 – Aspect Software, Inc. amended its credit agreement dated May 7, 2010 with JPMorgan Chase Bank, NA as administrative agent and issuing bank to replace JPMorgan with Wilmington Trust, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amended facility maintains the $457.5 million senior secured term loan due May 7, 2016 and extends the $30 million senior secured revolving facility to a maturity date of Feb. 7, 2016.

In exchange for the lenders resetting the loan covenants for each quarterly period from Sept. 30, 2014 through Dec. 31, 2015, the amendment required the company to pay consent fees that totaled $2.9 million upon effectiveness and an additional 50 basis points payable in kind by the issuance of additional term loans on June 30, 2015 in the event the debt has not been refinanced prior to that date.

According to the filing, the company sought this amendment for a level of flexibility to execute its strategy. In connection with the amendment, some holders of Aspect Software Group Holdings’ class L shares elected to invest another $20 million of cash into the company through the purchase of additional shares.

The company entered into the amendment on Friday.

The borrower is the domestic operating subsidiary of Phoenix-based Aspect Software Parent, Inc. Aspect Software provides customer contact and enterprise workforce optimization services.

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