Triple Point Technology to launch $135 million facility on Thursday

By Sara Rosenberg

New York, March 23 - Triple Point Technology Inc. is scheduled to hold a bank meeting on Thursday at 1:30 p.m. ET to launch a proposed $135 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The facility consists of a $10 million five-year revolver and a $125 million five-year term loan B, the source said.

Price talk on the term loan B is Libor plus 450 basis points to 475 bps with a 1.5% Libor floor and an original issue discount of 99, the source continued.

The B loan also includes 101 soft call protection for one year.

Proceeds will be used to refinance existing debt and pay a dividend to shareholders.

Pro forma leverage is 4.0 times.

Commitments are due on April 6.

Triple Point Technology is a Westport, Conn.-based provider of software for end-to-end commodity management.

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