Openlink term loan B split into $275 million, €200 million tranches

By Sara Rosenberg

New York, Feb. 13 – Openlink Financial LLC (Ocean Bidco Inc.) disclosed that its roughly $520 million equivalent dollar and euro seven-year term loan B is split between a $275 million tranche and a €200 million tranche, according to a market source.

As previously reported, 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 term loan debt has 101 soft call protection for six months.

The company’s senior secured credit facilities also include a $21 million five-year revolver.

UBS Investment Bank is the bookrunner on the deal that launched with a bank meeting in New York on Monday and a bank meeting in London on Tuesday.

Commitments are due on Feb. 27.

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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