Eze Software finalizes pricing on first-, second-lien term loans

By Sara Rosenberg

New York, March 27 - Eze Software Group set pricing on its $380 million first-lien term loan (B+) due April 4, 2020 at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, and on its $125 million second-lien term loan (CCC+) due April 4, 2021 at Libor plus 625 bps, the tight end of the Libor plus 625 bps to 650 bps talk, according to a market source.

Also, the offer price on both term loans firmed at par, the low end of the 99¾ to par guidance, the source said.

Both term loans still have a 1% Libor floor, the first-lien term loan still has 101 soft call protection for six months, and the second-lien loan still has hard call protection of 102 in year one and 101 in year two.

Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc. and Deutsche Bank Securities Inc. are the lead banks on the $505 million of new covenant-light term loans.

Proceeds will be used to refinance an existing first-lien term loan priced at Libor plus 325 bps with a 1.25% Libor floor and an existing second-lien term loan priced at Libor plus 725 bps with a 1.25% Libor floor.

Eze Software is a Boston-based provider of investment technology to support the front, middle and back office.

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