SunGard lowers coupon on $720 million term B to Libor plus 350 bps

By Sara Rosenberg

New York, Dec. 13 - SunGard Data Systems Inc. reverse flexed pricing on its $720 million seven-year incremental term loan B (Ba3/BB) to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.

Also, the offer price on the loan was revised to par from 991/2, the source said.

As before, the term loan B has a 1% Libor floor and 101 soft call protection for one year.

Recommitments were due at 5 p.m. ET on Thursday, the source added.

J.P. Morgan Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Bank of America Merrill Lynch, Goldman Sachs & Co., Barclays, Credit Suisse Securities (USA) LLC and RBC Capital Markets are the lead banks on the deal.

Proceeds will be used to fund a dividend to shareholders.

With this transaction, the company sought an amendment to its existing credit facility to permit the dividend.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.