Triple Point to launch $255 million credit facility on Wednesday

By Sara Rosenberg

New York, Sept 26 - Triple Point Technology Inc. is scheduled to hold a bank meeting on Wednesday to launch a proposed $255 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC and GE Capital Markets are the lead banks on the deal.

The facility consists of a $20 million five-year revolver, a $185 million six-year term loan and a $50 million delayed-draw until February term loan, the source said.

The term loan debt is talked at Libor plus 600 basis points with a 1.5% Libor floor and an original issue discount of 97, and includes 101 soft call protection for one year, the source continued.

Proceeds, along with $90 million of mezzanine debt, will be used to fund the buyout of the company by Welsh, Carson, Anderson & Stowe. The delayed-draw loan is available for acquisition funding.

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

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