RedPrairie ups term loan to $360 million, tightens Libor floor and OID

By Sara Rosenberg

New York, July 30 - RedPrairie Corp. increased its six-year first-lien term loan to $360 million from $340 million, according to a market source.

In addition, the Libor floor on the term loan, as well as on a $40 million five-year revolver, was revised to 1% from 1.25%, the source said.

Also, the term loan is now being sold at an original issue discount of 991/2, tightened from 99, while the revolver continues to be offered with a 1% upfront fee.

Pricing on the two tranches was left unchanged at Libor plus 500 basis points.

As before, the term loan has 101 soft call protection for one year.

Recommitments were due on Monday.

Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC are the lead banks on the now $400 million deal (B2/B+), up from $380 million.

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

As a result of the upsizing, the dividend is being increased by $9 million and $11 million of cash is being added to the balance sheet, the source added.

RedPrairie is an Alpharetta, Ga.-based provider of supply chain software solutions.

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