SS&C Technologies adds 0.75% Libor floor to term loans B-1 and B-2

By Sara Rosenberg

New York, May 1 - SS&C Technologies Holdings Inc. added a 0.75% Libor floor to its $700.1 million in term loans (Ba3/BB) due June 2019, as opposed to having no Libor floor, 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 priced at Libor plus 275 basis points with a par offer price and 101 soft call protection for six months.

Included in the loans is a step-down to Libor plus 250 bps at 2.75 times net senior secured leverage, the source said.

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.

Allocations are expected to go out on Thursday, the source added.

Closing is targeted for June 10.

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

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