Sirius Computer launches $360 million credit facility via Wells Fargo

By Sara Rosenberg

New York, Oct. 24 - Sirius Computer Solutions Inc. held a bank meeting on Wednesday morning to launch a proposed $360 million credit facility, according to a market source.

Wells Fargo Securities LLC is the lead bank on the deal.

The facility consists of a $20 million five-year revolver and a $340 million six-year covenant-light term loan B, the source said.

Price talk on the B loan is Libor plus 425 basis points to 475 bps with a 1.25% Libor floor and an original issue discount of 99.

The B loan also has 101 soft call protection for one year.

Proceeds will be used to refinance existing debt and fund a dividend.

Commitments are due on Nov. 7, the source added.

Sirius Computer is a San Antonio, Texas-based national IT solutions integrator.

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