Compuware sets talk on term loan B-2 repricing, $310 million add-on

By Sara Rosenberg

New York, Jan. 19 – Compuware Corp. launched on Thursday the repricing of its existing $931 million term loan B-2 and its $310 million add-on to the term loan B-2 with price talk of Libor plus 425 basis points to 450 bps with a 1% Libor floor, according to a market source.

The repricing is offered at par and the add-on is talked with an original issue discount of 99.75, the source said.

The term debt will include 101 soft call protection for six months.

Jefferies Finance LLC is the left lead on the deal.

Signature pages are due at 5 p.m. ET on Jan. 26 and new money commitments are due at 3 p.m. ET on Jan. 27, the source added.

The existing term loan B-2 is being repriced from Libor plus 525 bps with a 1% Libor floor.

Proceeds from the add-on debt will be used to repay a term loan B-1 that is priced at Libor plus 525 bps with a 1% Libor floor.

Compuware is a Detroit-based technology performance company.

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