SS&C Technologies launches $700.1 million term loan B-1, B-2 debt

By Sara Rosenberg

New York, April 24 - SS&C Technologies Holdings Inc. held its call on Wednesday morning, launching $700.1 million in term loans due June 2019, according to a market source.

The debt consists of a $634.5 million term loan B-1 and a $65.6 million term loan B-2, both talked at Libor plus 275 basis points with no Libor floor and a par offer price, the source said.

The term loans have 101 soft call protection for six months.

Covenants include a net senior secured leverage ratio.

Proceeds will be used to reprice an existing term loan B-1 due June 2019 and term loan B-2 due June 2019 from Libor plus 400 bps with a 1% Libor floor.

Deutsche Bank Securities Inc. is the bookrunner on the deal.

Commitments are due at the close of business on April 30, the source added.

SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services.

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