Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers V > Headlines for Vision Solutions Inc. > News item |
Vision Solutions ups $255 million loan spread to Libor plus 600 bps
By Sara Rosenberg
New York, July 6 - Vision Solutions Inc. increased pricing on its $255 million senior secured credit facility (B1/B+) to Libor plus 600 basis points from Libor plus 500 bps, according to a market source.
In addition, the original issue discount on the entire facility widened to 96 from 981/2, the source said.
The 1.75% Libor floor was left unchanged.
Also, 101 soft call protection for one year was added to the term loan, the source continued.
Tranching on the deal consists of a $240 million six-year term loan and a $15 million five-year revolver.
Other changes included increasing the excess cash flow sweep to 75% from 50% and amortization on the term loan to 5% per year from 1%, the source added.
Jefferies is the lead bank on the facility and is hoping to give out allocations next week.
Proceeds will be used to help fund the acquisition of Double-Take Software Inc. in a transaction with a net offer value of about $242 million and to refinance existing debt.
Double-Take stockholders will receive $10.55 in cash per share.
Closing is expected in the third quarter, subject to customary conditions, including the expiration of the Hart-Scott Rodino waiting period and the approval of Double-Take stockholders.
Vision Solutions, a portfolio company of Thoma Bravo LLC, is an Irvine, Calif.-based provider of high availability, disaster recovery and system management services for IBM Power Systems. Double-Take Software is a Southborough, Mass.-based provider of recovery services.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.