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Advanced Computer sets tranches on £35 million equivalent add-on loan
By Sara Rosenberg
New York, Aug. 10 – Advanced Computer Software (Air Newco LP) finalized its U.S. add-on term loan B size at $14 million and its pound add-on term loan B size at £24 million, according to a market source.
Initially, the deal was talked as a £35 million equivalent add-on term loan B split between dollar and pound tranches.
Also, the issue price on the U.S. add-on term loan B firmed at par, the tight end of the 99.75 to par talk, the source said.
The original issue discount on the pound add-on term loan B finalized in line with talk at 99.5.
Pricing on the add-on term loan B debt is Libor plus 475 basis points with a 0% Libor floor.
Morgan Stanley Senior Funding Inc. is the lead arranger and bookrunner on the deal.
Proceeds will be used to term out the revolving credit facility and pay transaction fees.
Advanced Computer is a U.K.-based provider of software and IT services.
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