SunGard upsizes term loan to $2.2 billion, firms discount at 99¾

By Sara Rosenberg

New York, March 5 - SunGard Data Systems Inc. increased the size of its seven-year term loan (Ba3/BB) to $2.2 billion from $2 billion and set the original issue discount at 993/4, the tight end of the 99½ to 99¾ talk, according to a market source.

Pricing on the loan is still Libor plus 300 basis points with a 1% Libor floor, and there is still 101 soft call protection for one year.

Recommitments were due by 5 p.m. ET on Tuesday.

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.

As a result of the upsizing, more of the term loan C will be paid out with the new term loan, resulting in a pro forma tranche C size of around $427 million, the source added.

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

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