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Ciber $200 million revolver priced at Libor plus 175 bps
By Sara Rosenberg
New York, Feb. 14 - Ciber Inc.'s $200 million three-year revolving credit facility carries pricing of Libor plus 175 basis points, according to an 8-K filed with the Securities and Exchange Commission Thursday.
Pricing on the revolver can range from Libor plus 75 bps to 175 bps, based on total leverage.
There is a 50 bps unused fee.
Wells Fargo acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on Feb. 11. KeyBank acted as syndication agent, and Union Bank of California acted as documentation agent.
Proceeds were used to refinance the company's existing $60 million credit facility and are available for working capital and to cover its 2 7/8% convertible notes, which can be put to the company in December 2008.
The total commitments under the revolver will be reduced by $7.5 million on a quarterly basis beginning on March 31, 2009 and continuing through Dec. 31, 2010.
Ciber is a Greenwood Village, Colo., provider of system integration consulting services.
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