Triple Point firms spread on $175 million loan at Libor plus 500 bps

By Sara Rosenberg

New York, Oct. 31 - Triple Point Technology Inc. finalized pricing on its $175 million first-lien covenant-light term loan due Oct. 28, 2017 at Libor plus 500 basis points, the wide end of the Libor plus 475 bps to 500 bps talk, according to a market source.

The loan has a 1.25% Libor floor, a par offer price and 101 repricing protection for one year.

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

Proceeds will be used to reprice and remove covenants from an existing term loan due Oct. 28, 2017 and for general corporate purposes.

The existing term loan was obtained last year at pricing of Libor plus 650 bps with a 1.5% Libor floor.

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

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