Open Lending increases talk, discount in $225 million term loan, extends deadline

By Paul A. Harris

Portland, Ore., Jan. 24 – Open Lending LLC increased the spread talk and discount on its $225 million seven-year term loan B, according to a market source.

The deal is now talked with a 600 basis points spread to Libor, revised from 525 bps to 550 bps. Revised price talk adds one full point of original issue discount, with the price moving to 98 from 99.

The deadline is extended to Jan. 31 from the previous deadline of Jan. 23.

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

UBS Investment Bank is the lead arranger on the deal.

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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