Rocket Software sets pricing for $725 million covenant-light term loans

By Paul A. Harris

Portland, Ore., April 26 - Rocket Software Inc. set pricing for its $725 million of term loans on Wednesday, according to a market source.

A $550 million first-lien covenant-light term loan is talked with a 375 basis points spread to Libor at 99.5 with a 1% floor.

A $175 million second-lien covenant-light term loan is talked at a 725 bps spread to Libor at 99 with a 1% floor.

Jefferies Finance LLC is the lead on the deal.

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

Rocket Software is a Waltham, Mass.-based software development firm.

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