Fundtech looks to reprice term loan to Libor plus 450 bps, 1.25% floor

By Sara Rosenberg

New York, Oct. 2 - Fundtech is seeking a repricing of its $199 million institutional term loan that would lower pricing to Libor plus 450 basis points with a 1.25% Libor floor from Libor plus 600 bps with a 1.5% Libor floor, according to a market source.

The repriced loan is offered at par and will include 101 soft call protection for one year.

Existing lenders will get paid out at 101 as a result of call protection.

RBC Capital Markets and BMO Capital Markets are leading the deal that launched on Monday.

Fundtech is a Jersey City, N.J.-based provider of payment processing and banking technology to financial institutions and corporations.

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