Ceridian tightens discount price on $342 million term loan to 98½

By Sara Rosenberg

New York, Aug. 8 - Ceridian Corp. revised the original issue discount on its $342 million term loan due May 2017 to 98½ from 98, according to a market source.

Pricing on the loan is Libor plus 575 basis points, and there is 101 soft call protection for one year.

The coupon on the new loan matches pricing on the company's existing extended term loan due May 2017.

Proceeds will be used to refinance about $342 million of non-extended term loan borrowings.

With the loan, the company is asking to amend its existing credit facility to allow for fungibility of the new debt.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch are the lead banks on the deal.

Ceridian is a Minneapolis-based provider of human resources, transportation and retail information management services.

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