Deltek launches $480 million credit facility at Libor plus 375 bps

By Sara Rosenberg

New York, Feb. 12 - Deltek Inc. launched on Tuesday the repricing of its $480 million credit facility at talk of Libor plus 375 basis points, versus current pricing of Libor plus 475 bps, according to a market source.

The facility consists of a $30 million revolver and a $450 million first-lien term loan.

The term loan has a 1.25% Libor floor and 101 soft call protection through October 2013.

Existing lenders will get paid out at 101 with the repricing, the source added.

Commitments are due on Friday.

Jefferies Finance LLC is leading the deal.

Since the company's leveraged buyout in October, total leverage has been reduced by a full turn due to strong operating performance, a source previously told Prospect News.

Deltek is a Herndon, Va.-based provider of enterprise software and information for professional services firms and government contractors.

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