Openlink Financial finalizes U.S. and euro term loan sizes

By Sara Rosenberg

New York, Nov. 15 – Openlink Financial LLC firmed its U.S. term loan size at $255 million, within the revised talk range of $250 million to $300 million and down from initial talk of roughly $343 million, according to a market source.

The company also set its euro term loan size at €225 million, within the revised talk range of €200 million to €250 million and up from initial talk of roughly €148 million, the source said.

Pricing on the U.S. term loan is Libor plus 475 basis points with a step-down to Libor plus 450 bps at less than 3.55 times first-lien net leverage, and pricing on the euro term loan is Euribor plus 400 bps with a step-down to Euribor plus 375 bps at less than 3.55 times first-lien net leverage.

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

Earlier in syndication, pricing on the U.S. term loan was increased from talk in the range of Libor plus 425 bps to 450 bps, pricing on the euro term loan was lifted from Euribor plus 375 bps, and the step-down was added to both tranches.

UBS Investment Bank is the lead on the deal.

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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