Data Device ups $310 million term loan spread to Libor plus 550 bps

By Sara Rosenberg

New York, Dec. 20 - Data Device Corp. increased pricing on its $310 million term loan to Libor plus 550 basis points from talk of Libor plus 475 bps to 500 bps, according to a market source.

The 1.75% Libor floor and original issue discount of 98½ were left unchanged, the source said.

The $340 million credit facility also includes a $30 million revolver.

Credit Suisse and GE Capital are the lead banks on the deal.

Proceeds will be used to refinance existing debt and fund a dividend.

Data Device is a Bohemia, N.Y.-based supplier of data networking services and MIL-STD-1553 interfaces.

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