Wall Street Systems lifts first- and second-lien term loan sizes

By Sara Rosenberg

New York, Oct. 17 - Wall Street Systems (WSS Delaware Inc.) upsized its seven-year first-lien term loan to $375 million from $335 million, its 71/2-year second-lien term loan to $165 million from $140 million and its five-year revolver to $40 million from $30 million, according to a market source.

Pricing on the first-lien term loan firmed at Libor plus 450 basis points, versus earlier talk of Libor plus 450 bps to 475 bps, and pricing on the second-lien term loan firmed at Libor plus 800 bps, compared to prior guidance of Libor plus 800 bps to 825 bps, the source said.

Both term loans still have a 1.25% Libor floor.

As before, the first-lien term loan is being offered at an original issue discount of 98½ and the second-lien term loan is being offered at 98.

Still included in the first-lien loan is 101 soft call protection for one year, and the second-lien loan has hard call protection of 102 in year one and 101 in year two.

Recommitments are due at noon ET on Thursday, the source added.

J.P. Morgan Securities LLC is the lead bank on the now $580 million credit facility, upsized from $505 million.

Proceeds will be used to refinance existing debt and to fund a distribution to shareholders.

Expected ratings on the revolver and first-lien term loan are B2/B, and on the second-lien term loan are Caa2/B-. Prior to the upsizings, the revolver and first-lien loan were rated B1/B, and the second-lien loan was rated Caa1/B-.

Wall Street Systems is a New York-based treasury management, foreign-exchange software and software services provider.

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