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Openlink sets talk on $520 million equivalent U.S. and euro term B
By Sara Rosenberg
New York, Feb. 12 – Openlink Financial LLC (Ocean Bidco Inc.) released price talk on its $520 million equivalent U.S. dollar and euro seven-year term loan B in connection with its New York bank meeting on Monday, according to a market source.
A bank meeting for European investors will take place in London on Tuesday.
The U.S. term loan is talked at Libor plus 575 basis points with a 1% Libor floor and an original issue discount of 99.5, and the euro term loan is talked at Euribor plus 525 bps with a 1% floor and a discount of 99.5, the source said.
All of the term loan debt has 101 soft call protection for six months.
The company’s $541 million equivalent of senior secured credit facilities also include a $21 million five-year revolver.
UBS Investment Bank is the bookrunner on the deal.
Commitments are due in two weeks, the source added.
Proceeds will be used to help fund the acquisition of the company by ION Investment Group from Hellman & Friedman.
Openlink is a Uniondale, N.Y.-based provider of trading and risk management solutions for commodity, energy, corporate and financial services organizations. ION is a provider of trading and workflow automation software solutions to financial institutions, central banks, governments and corporations.
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