Wall Street Systems reveals talk on first- and second-lien term loans

By Sara Rosenberg

New York, Sept. 27 - Wall Street Systems (WSS Delaware Inc.) released price talk on its $335 million seven-year first-lien term loan (B1/B) and $140 million 71/2-year second-lien term loan (Caa1/B-), according to a market source.

The first-lien term loan is talked at Libor plus 450 basis points to 475 bps with a 1.25% Libor floor and an original issue discount of 981/2, and the second-lien term loan is talked at Libor plus 800 bps to 825 bps with a 1.25% floor and a discount of 98, the source said.

Included in the first-lien loan is 101 soft call protection for one year, and the second-lien loan has hard call protection of 102 in year one and 101 in year two.

The company's $505 million credit facility also includes a $30 million five-year revolver (B1/B).

Commitments are due on Oct. 9, the source added.

J.P. Morgan Securities LLC is the lead bank on the deal that launched with a call this past Tuesday.

Proceeds will be used to refinance existing debt and to fund a distribution to shareholders.

Wall Street Systems is a New York-based treasury management, foreign-exchange software and software services provider.

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