Sirius Computer launches $490 million term loan to investors

By Sara Rosenberg

New York, Oct. 21 – Sirius Computer Solutions, Inc. was scheduled to hold a lender call at 11:30 a.m. ET on Friday to launch a $490 million covenant-light first-lien term loan due Oct. 30, 2022 talked at Libor plus 425 basis points to 450 bps with a 1% Libor floor, according to a market source.

Of the total term loan amount, $440 million is existing debt that will be used to refinance/reprice the existing term loan from Libor plus 500 bps with a 1% Libor floor, and $50 million is incremental debt that will be used to fund tuck-in acquisitions.

The existing debt is offered at par and the incremental debt is offered at an original issue discount of 99.5, the source said.

All of the first-lien term loan debt will get 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Expected term loan ratings are Ba3 from Moody’s Investors Service and B+ from S&P Global Ratings.

Commitments are due on Oct. 28, the source added.

Sirius is a San Antonio-based provider of data center-focused technology integration services.

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