Reynolds and Reynolds seeks $1.55 billion of term loan A and B debt

By Sara Rosenberg

New York, March 3 - Reynolds and Reynolds Co. is looking to get $1.55 billion of new bank debt, comprised of a $600 million term loan A and a $950 million term loan B, according to a market source.

Deutsche Bank is the left lead bank on the deal.

Proceeds will be used to refinance existing debt.

In 2010, the company got a $1.82 billion seven-year term loan as part of a refinancing transaction that is priced at Libor plus 350 bps with a step-down to Libor plus 325 bps at 3.0 times net total leverage and a 1.75% Libor floor. The loan was sold at an original issue discount of 99¼ and includes 101 soft call protection for one year.

Reynolds and Reynolds is a Dayton, Ohio-based dealer services company.

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