SunGard extends about $905 million of term loans at Libor plus 375 bps

By Sara Rosenberg

New York, March 12 - SunGard Data Systems Inc. extended roughly $905 million of its term loan debt to Feb. 28, 2017 from 2014 at pricing of Libor plus 375 basis points, according to a 424B3 recently filed with the Securities and Exchange Commission.

Through the extension, the company combined funds from its non-extended term loan B and incremental term loan B into one fungible term loan C tranche.

Lenders were offered a 25 bps extension fee.

In addition, the company got a new $880 million revolver due Nov. 29, 2016 that was used to refinance its existing revolver.

Pricing on the revolver can range from Libor plus 275 bps to 400 bps and the unused fee can range from 50 bps to 112.5 bps, based on leverage.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., Citigroup Global Markets Inc., Barclays Capital, RBC Capital Markets and Goldman Sachs Lending Partners LLC acted as the joint bookrunners on the deal.

The amendment and extension were completed on March 2.

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

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