Openlink revises talk on upsized $530 million of dollar, euro loans

By Paul A. Harris

Portland, Ore., March 1 – Openlink Financial LLC (Ocean Bidco Inc.) upsized its two-part term loan package (B3/B-) to $530 million equivalent from $520 million equivalent and tightened pricing on Thursday, according to a market source.

An upsized $348 million seven-year term loan B saw talk cut to Libor plus 500 basis points from 575 bps. The loan retains a 1% Libor floor and an original issue discount of 99.5

A downsized €150 million seven-year term loan B saw talk cut to Euribor plus 450 bps from 525 bps. The loan retains a 1% floor and a discount of 99.5.

The term loan debt has 101 soft call protection for six months.

Commitments are due Friday.

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.

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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