SS&C Technologies trims incremental term loan B-5 to $875 million

By Sara Rosenberg

New York, Aug. 16 – SS&C Technologies Inc. downsized its incremental first-lien term loan B-5 due April 2025 to $875 million from $950 million, according to a market source.

Pricing on the incremental term loan is Libor plus 250 basis points with a 25 bps step-down at senior secured net leverage of less than 4.75 times, a 0% Libor floor and an original issue discount of 99.75.

The incremental loan has 101 soft call protection until October.

Earlier in syndication, the incremental loan was switched to a new B-5 tranche from an add-on to the company’s existing term loan B-3 and the discount was modified from talk in the range of 99 to 99.5.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc. and RBC Capital Markets are the lead banks on the deal.

Proceeds will be used to help fund the acquisition of Eze Software, a Boston-based provider of investment technology, from TPG Capital for $1.45 billion.

The company will use more cash for the acquisition as a result of the decision to downsize the incremental loan, the source added.

Closing is expected in the fourth quarter, subject to regulatory approval and other customary conditions.

SS&C is a Windsor, Conn.-based provider of investment and financial software-enabled services and software for the financial services and health care industries.

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