Rocket Software removes $725 million of term loans from markets

By Sara Rosenberg

New York, April 28 - Rocket Software Inc. withdrew its $725 million of term loans due to market conditions, according to a market source.

The debt consisted of a $550 million first-lien covenant-light term loan (B1/B+) talked at Libor plus 375 basis points with a 1% Libor floor, an original issue discount of 99½ and 101 soft call for six months, and a $175 million second-lien covenant-light term loan (Caa1/B-) talked at Libor plus 725 bps with a 1% Libor floor, a discount of 99 and call protection of 102 in year one and 101 in year two.

Jefferies Finance LLC was the lead on the deal.

Proceeds were going to be used to refinance existing debt and fund a dividend.

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

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