Syncsort widens pricing on first- and second-lien term loans

By Sara Rosenberg

New York, Dec. 19 – Syncsort Inc. increased pricing on its $280 million six-year first-lien term loan (B2/B+) to Libor plus 525 basis points from Libor plus 450 bps and on its $80 million seven-year second-lien term loan (Caa2/CCC+) to Libor plus 950 bps from Libor plus 900 bps, according to a market source.

Also, the 101 soft call protection on the first-lien term loan was extended to one year from six months, the source said.

As before, both term loans have a 1% Libor floor, the first-lien term loan has an original issue discount of 99, and the second-lien term loan has a discount of 98.5 and call protection of 102 in year one and 101 in year two.

The company’s $395 million credit facility also provides for a $35 million revolver (B2/B+).

Covenants include a maximum total net leverage ratio.

Credit Suisse Securities (USA) LLC, Antares Capital and SunTrust Robinson Humphrey are leading the debt.

Recommitments were scheduled to be due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to fund the acquisition of Trillium Software from Harte Hanks Inc. and to refinance existing debt.

Closing is subject to regulatory approvals and other customary conditions.

Syncsort, a Clearlake Capital Group portfolio company, is a Woodcliff Lake, N.J.-based provider of enterprise software and data solutions. Trillium is a Burlington, Mass.-based provider of data quality solutions.

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