SunGard launches refinancing of $479 million incremental term loan B

By Sara Rosenberg

New York, Jan. 18 - SunGard launched on Tuesday what is essentially a repricing of its incremental term loan B, according to a market source.

The company is looking to get a new $479.22 million incremental term loan B due Feb. 28, 2014 that is talked at Libor plus 362.5 basis points with no Libor floor and an original issue discount of 99½ to 993/4, the source said.

The new loan includes 101 soft call protection for one year, the source continued.

Proceeds would be used to replace an existing $479.22 million incremental term loan B due Feb. 28, 2014 that is priced at Libor plus 375 bps with a 3% Libor floor.

JPMorgan is the lead bank on the deal.

SunGard is a Wayne, Pa.-based software and technology services company.

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