Activant Solutions talks extended term loan at Libor plus 400 bps

By Sara Rosenberg

New York, Nov. 4 - Activant Solutions Inc. launched its amendment and extension on Thursday and announced that pricing on the extended term loan debt will be Libor plus 400 basis points, according to a market source.

The company's existing term loan is priced at Libor plus 200 bps and its incremental term loan is priced at Libor plus 250 bps.

Under the proposed amendment, at least $250 million of the existing term loans would be extended to Feb. 2, 2016 from May 2, 2013 and up to $33 million of the revolver would be extended to May 2, 2013 from May 2, 2011.

In addition, the amendment would revise the maximum leverage ratio so that it would step down to 4.25 times from Dec. 31 through Sept. 30, 2011, to 4 times from Dec. 31, 2011 through 2012 and to 3.75 times thereafter.

Deutsche Bank is the administrative agent on the deal.

Lenders are being offered a 25 bps amendment fee.

Consents and commitments are due on Nov. 10.

Activant Solutions is a Livermore, Calif.-based technology provider of business management services.

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