NEW YORK, May 22 (Reuters) - London-based financial software provider Misys Plc has revised the terms of its buyout loan, sources told Thomson Reuters LPC.
The issuer’s first-lien loan now includes a $125 million, five-year revolver, a $945 million term loan and a 100 million euro term loan.
The spread on the U.S. dollar and euro term loan is 600bp over Libor and 625bp over Euribor, respectively. Both loans also feature a 1.25 percent Libor/Euribor floor and will be issued at a discount of 97 cents on the dollar. The loans also have call protection of 102 in year one and 101 in year two, and have a shorter tenor now of 6.5 years.
The corporate family rating is B2/B, while the facility rating is Ba3/B+. The deal has a total leverage covenant.
Recommitments are due at 5 p.m. EST today.
At launch, the loan included a $125 million revolver, a $730 million, seven-year term loan and a 250 million euro, seven-year term loan. Price talk on the U.S. dollar term loan was 500-525bp over Libor, while price talk on the euro term loan was 550-575bp over Euribor. Both loans had a 1.25 percent floor and were originally to be issued at a discount of 99 cents on the dollar.
The loans back Misys’ buyout by Vista Equity Partners, in a deal that values the company at 1.27 billion pounds. Upon completion of the acquisition, Misys will be combined with Turaz, a Vista portfolio company that provides trade and risk management software.
Credit Suisse leads the loan, along with Jefferies Finance and Bank of America’s subsidiary Merrill Lynch, Pierce, Fenner & Smith. Bank of America Merrill Lynch leads a concurrent $615 million unsecured term loan.