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RedPrairie talks $380 million credit facility at Libor plus 500 bps
By Sara Rosenberg
New York, July 18 - RedPrairie Corp. launched its $380 million credit facility on Wednesday morning with price talk of Libor plus 500 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.
The facility consists of a $40 million five-year revolver and a $340 million six-year first-lien term loan.
Included in the term loan is 101 soft call protection for one year.
Commitments are due on Aug. 1, the source added.
Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC are the lead banks on the deal.
Proceeds will be used to refinance existing bank debt and fund a dividend.
Leverage is 4.2 times.
RedPrairie is an Alpharetta, Ga.-based provider of supply chain software solutions.
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