Misys moves funds between U.S. and euro term loan B’s, updates pricing

By Sara Rosenberg

New York, Sept. 30 – Misys upsized its seven-year U.S. dollar term loan B to $400 million from $300 million and downsized its seven-year euro-equivalent term loan B to $600 million (€535 million) from $700 million, according to a market source.

Also, pricing on the U.S. term loan B was set at Libor plus 325 basis points, the low end of the Libor plus 325 bps to 350 bps talk, and pricing on the euro term loan B was reduced to Euribor plus 325 bps from talk of Euribor plus 350 bps to 375 bps, the source said.

And, original issue discount guidance on the U.S. and euro term loan B debt was revised to 99.75 to par, from 99.5, the source continued.

The U.S. and euro term loan B’s still have no floor.

Included in the term loan B’s is a ticking fee of half the spread from Nov. 7 to Dec. 6 and the full spread thereafter.

The company’s $1.5 billion-equivalent credit facility (BB) also includes a $200 million-equivalent five-year revolver and the $300 million-equivalent five-year term loan A, both priced at Libor/Euribor plus 250 bps.

Deutsche Bank Securities Inc. and Credit Suisse Securities (USA) LLC are the joint coordinators on the deal and bookrunners with Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA, J.P. Morgan Securities LLC and Morgan Stanley Senior Funding Inc.

Recommitments are due at the close of business on Monday, the source added.

Proceeds will be used to refinance the company’s existing loans.

Misys is a London-based provider of financial services software.

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