Open Lending launches $225 million term B at Libor plus 525-550 bps

By Sara Rosenberg

New York, Jan. 9 – Open Lending LLC launched on Thursday its $225 million seven-year term loan B with price talk of Libor plus 525 basis points to 550 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

UBS Investment Bank is the lead arranger on the deal.

Commitments are due on Jan. 23, the source added.

Proceeds will be used for a dividend recapitalization.

Open Lending is an Austin, Tex.-based provider of lending enablement and risk analytics solutions to financial institutions.

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