Systems Maintenance Services sets talk for $220 million term loans

By Paul A. Harris

Portland, Ore., Sept. 26 - Systems Maintenance Services set pricing for $220 million of term loans on Thursday, according to a market source.

A $160 million first-lien term loan B is talked with a 425 basis points spread to Libor and a 1% Libor floor to price at 99.

A $60 million second-lien term loan is talked with a Libor spread of 825 bps and a 1% Libor floor to price at 98.5.

The $240 million credit facility also has a $20 million revolver.

GE Capital Markets and BMO Capital Markets are leading the deal.

Proceeds will be used to refinance the existing debt structure and fund a dividend.

Systems Maintenance Services is a Charlotte, N.C.-based provider of managed IT asset lifecycle support services.

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