Aptean sets final terms on $387 million two-part loan package

By Paul A. Harris

Portland, Ore., Feb. 21 - Aptean Holdings Inc. set the final terms on a $387 million two-part term loan package, a market source said on Friday.

A $280 million Libor plus 425 basis points six-year first-lien term loan B (B+) priced at 99. The spread came 25 bps beyond the wide end of the 375 to 400 bps spread talk. The reoffer price came at the cheap end of the 99 to 99½ discount talk.

In addition, Aptean priced a $107 million Libor plus 750 bps seven-year second-lien term loan (CCC+) at 98.5. The spread came 25 basis points beyond the wide end of the 700 to 725 bps spread talk. The reoffer price came at the cheap end of the 98½ to 99 discount talk.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien loan has hard call protection of 102 in year one and 101 in year two.

The credit facility also provides for a $25 million five-year revolver (B+).

Morgan Stanley Senior Funding Inc., BMO Capital Markets Corp. and SunTrust Robinson Humphrey Inc. are the joint lead arrangers and bookrunners on the deal.

Proceeds will be used to refinance existing term loans and the BMO Capital call facility and to fund a dividend.

Aptean is an Atlanta-based provider of enterprise application software.

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