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Advanced Computer discloses price talk on term loans with launch
By Sara Rosenberg
New York, May 17 – Advanced Computer Software released price talk on its $341 million covenant-light first-lien term loan due May 31, 2024 and £244 million covenant-light first-lien term loan due May 31, 2024 in connection with its lender call on Thursday, according to a market source.
The U.S. term loan is talked at Libor plus 500 basis points to 525 bps with a 0% Libor floor and an original issue discount of 99 to 99.5, and the GBP term loan is talked at Libor plus 475 bps with a 0% Libor floor and a discount of 99.5, the source said.
Both term loans have 101 soft call protection for six months and amortization of 1% per annum.
The company’s $733 million equivalent of senior secured credit facilities also include a $50 million five-year revolver.
Morgan Stanley Senior Funding Inc. and Goldman Sachs Bank USA are the joint lead arrangers and bookrunners on the deal.
Commitments are due at noon ET on May 24, the source added.
Proceeds will be used to refinance and extend existing first-lien debt and refinance existing second-lien debt.
Advanced Computer is a U.K.-based provider of software and IT services.
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