Reynolds and Reynolds trims term loan B pricing to Libor plus 200 bps

By Sara Rosenberg

New York, May 13 - Reynolds and Reynolds Co. reduced pricing on its $447 million term loan B due 2018 to Libor plus 200 basis points from Libor plus 250 bps, according to a market source.

The loan still has no Libor floor, a par offer price and 101 soft call protection for six months.

The company is also getting a $468 million term loan A due 2016 priced at Libor plus 200 bps with no floor.

Proceeds will be used to reprice an existing term loan B from Libor plus 275 bps with a 1% Libor floor and an existing term loan A from Libor plus 250 bps with no floor.

Deutsche Bank Securities Inc. is the lead bank on the $915 million deal.

Reynolds and Reynolds is a Kettering, Ohio-based provider of software, business forms and supplies, and professional services that support automotive retailing for car dealers and automakers.

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