Aptean discloses talk on $730 million credit facility with launch

By Sara Rosenberg

New York, Nov. 30 – Aptean Inc. released price talk on its $730 million senior secured credit facility in connection with its lenders’ presentation on Wednesday, according to a market source.

The $70 million five-year revolver is talked at Libor plus 475 basis points with no Libor floor, the $470 million six-year covenant-light first-lien term loan B is talked at Libor plus 500 bps with a 1% Libor floor and an original issue discount of 99, and the $190 million seven-year covenant-light second-lien term loan is talked at Libor plus 900 bps with a 1% Libor floor and a discount of 98.5, the source said.

Included in the first-lien term loan is 101 soft call protection for six months and amortization of 1% per annum, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

Morgan Stanley Senior Funding Inc., Macquarie Capital (USA) Inc. and SunTrust Robinson Humphrey Inc. are the leads on the deal.

Commitments are due on Dec. 14, the source added.

Proceeds will be used to refinance the company’s existing credit facilities, distribute a dividend to the equity holders and pay related fees and expenses.

Aptean is an Alpharetta, Ga.-based provider of enterprise application software.

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