Openlink Financial reworks U.S. and euro term loan sizes, pricing

By Sara Rosenberg

New York, Nov. 14 – Openlink Financial LLC revised its U.S. term loan size to an expected amount in the range of $250 million to $300 million from roughly $343 million and its euro term loan to an expected amount in the range of €200 million to €250 million from roughly €148 million, according to a market source.

In addition, pricing on the U.S. term loan was increased to Libor plus 475 basis points from talk in the range of Libor plus 425 bps to 450 bps, and a step-down was added to Libor plus 450 bps at less than 3.55 times first-lien net leverage, the source said.

Pricing on the euro term loan was lifted to Euribor plus 400 bps from Euribor plus 375 bps, and a step-down was added to Euribor plus 375 bps at less than 3.55 times first-lien net leverage.

Both term loans still have a 1% floor, a par issue price and 101 soft call protection for six months.

UBS Investment Bank is the lead on the deal.

U.S. recommitments were scheduled to be due at 5 p.m. ET on Wednesday and London recommitments are due at noon GMT on Thursday, the source added.

Allocations are expected on Thursday.

Proceeds will be used to refinance an existing U.S. term loan priced at Libor plus 475 bps with a 1% Libor floor and an existing euro term loan priced at Euribor plus 425 bps with a 1% Libor floor.

Openlink is a Uniondale, N.Y.-based provider of trading and risk management solutions.

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