Serena Software launches $117 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, March 5 - Serena Software Inc. launched its up to $117 million senior secured term loan due March 2016 on Monday afternoon with price talk of Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99, according to a market source.

The loan has 101 soft call protection for one year, the source said.

Barclays Capital Inc. is the lead bank on the deal.

Proceeds will be used to repay non-extended term loan debt.

Commitments are due on March 12.

Serena is a Redwood City, Calif.-based Application Lifecycle Management vendor.

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