Aptos moves funds between first-, second-lien loans, updates pricing

By Sara Rosenberg

New York, July 18 – Aptos Inc. upsized its seven-year first-lien term loan to $280 million from $230 million and downsized its eight-year second-lien term loan to $50 million from $100 million, according to a market source.

Also, pricing on the first-lien term loan was increased to Libor plus 550 basis points from Libor plus 500 bps, the source said.

Furthermore, the original issue discount on the first-lien term loan was changed to 99 from 99.5 and the discount on the second-lien term loan was revised to 98 from 99.

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

The spread on the second-lien term loan remained at Libor plus 900 bps with a 0% Libor floor, and the call protection was unchanged at 102 in year one and 101 in year two.

The first-lien term loan still has a 0% Libor floor.

Credit Suisse Securities (USA) LLC and RBC Capital Markets are the leads on the $330 million in term loans.

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

Proceeds will be used to refinance an existing first-lien term loan.

Aptos is an Atlanta-based retail technology solutions company.

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