SS&C Technologies talks term loan B-1 and B-2 at Libor plus 350 bps

By Sara Rosenberg

New York, May 10 - SS&C Technologies Inc. launched on Thursday its $725 million seven-year term loan B-1 and $100 million seven-year term loan B-2 with price talk of Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 991/2, according to a market source.

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

In addition, the company's $300 million 51/2-year term loan A, for which talk emerged earlier at Libor plus 275 bps with no floor, saw an original issue discount price of 99½ emerge, the source said.

The company's $1.225 billion credit facility (Ba3/BB-) also includes a $100 million 51/2-year revolver.

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.

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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