SunGard launches $2 billion term loan at discount of 991/2-99¾

By Sara Rosenberg

New York, Feb. 20 - SunGard Data Systems Inc. launched with a call on Wednesday its $2 billion seven-year term loan (BB) with original issue discount talk of 99½ to 993/4, according to a market source.

As previously reported, the term loan is talked at Libor plus 300 basis points with a 1% Libor floor.

The term loan has 101 soft call protection for one year, the source said.

J.P. Morgan Securities LLC is the left lead bank on the deal.

Proceeds will be used to refinance the existing term loan B due 2016 and a portion of the term loan C due 2017.

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

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