ECi Software sets $740 million term loan at Libor plus 375 bps

By Sara Rosenberg

New York, Sept. 17 – ECi Software Solutions finalized pricing on its $740 million first-lien term loan at Libor plus 375 basis points, the low end of revised talk of Libor plus 375 bps to 400 bps and down from initial talk of Libor plus 400 bps to 425 bps, according to a market source.

Also, the original issue discount on the term loan finalized at 99.5, tight of initial talk in the range of 98.5 to 99, the source said.

The term loan still has a 0.75% Libor floor.

Previously in syndication, the term loan was upsized from $710 million.

BofA Securities Inc. is the left lead on the deal.

Proceeds will be used to refinance existing term loans, fund an acquisition and finance a dividend payment.

Other funds for the transaction will come from a privately placed second-lien term loan.

ECi is a Fort Worth-based provider of cloud-based business management software for multiple industries.

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