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SS&C finalizes discount price on $800 million term loan B at 99
By Sara Rosenberg
New York, May 23 - SS&C Technologies Holdings Inc. firmed the original issue discount on its $800 million seven-year term loan B at 99, the high end of the revised 99 to 99½ talk and wide of initial talk of 991/2, according to a market source.
The term loan B is divided between a B-1 that is sized at $725 million and a B-2 that is sized at $75 million, with pricing on both these tranches set at Libor plus 400 basis points with a 1% Libor floor.
The term loan B has 101 soft call protection for one year.
On Tuesday, pricing on the B loan was increased from Libor plus 350 bps, the B-2 tranche was downsized from $100 million and the call protection was extended from six months.
The company's $1.225 billion senior secured credit facility (Ba3/BB-) also includes a $100 million 51/2-year revolver and a $325 million 51/2-year term loan A.
Pricing on the A loan, which was upsized from $300 million when the term loan B was downsized, is Libor plus 275 bps with no floor and an original issue discount of 991/2.
Covenants include a maximum consolidated net senior secured leverage ratio.
The company is also getting a $142 million 364-day bridge loan that is priced at Libor plus 275 bps with no Libor floor.
Deutsche Bank Securities Inc., Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are the joint lead arrangers and bookrunners on the deal.
Proceeds will be used to fund the acquisition of GlobeOp Financial Services SA for 485p per share in cash and to refinance an existing credit facility.
Net total leverage is 4.1 times.
SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services. GlobeOp, with headquarters in London and New York, is a provider of business process outsourcing, financial technology services and analytics to hedge funds and other sectors of the financial industry.
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