CEVA increases pricing on credit facility amendment and extension

By Paul A. Harris

St. Louis, Dec. 7 - For a second time CEVA Group plc increased pricing on an amendment and extension of its senior secured credit facility, according to a market source.

Pricing moves to Libor plus 500 basis points from Libor plus 450 bps.

Earlier pricing was Libor plus 300 bps.

In addition to more spread, the deal now features a springing maturity. The extended loans would mature 91 days before CEVA's 8½% senior notes and its term loan maturing in 2015, if they are not refinanced prior to that time.

Credit Suisse is the lead bank on the amend-and-extend.

Lenders are being offered a 10 bps amendment fee.

CEVA is a Hoofddorp, the Netherlands-based supply chain management provider.

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