Open Lending trims term loan B size, widens spread and discount

By Sara Rosenberg

New York, March 11 – Open Lending LLC downsized its term loan B to $170 million from $225 million and increased pricing to Libor plus 650 basis points from revised talk of Libor plus 600 bps and initial talk in the range of Libor plus 525 bps to 550 bps, according to a market source.

Also, the Libor floor on the term loan was increased to 1% from 0%, and the original issue discount was changed to 96.5 from revised talk of 98 and initial talk of 99, the source said.

In addition, the 101 soft call protection on the term loan was extended to one year from six months.

UBS Investment Bank is the lead arranger on the deal.

Allocations went out on Wednesday, the source added.

Proceeds will be used for a dividend recapitalization.

Open Lending is an Austin, Tex.-based provider of lending enablement and risk analytics solutions to financial institutions.

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