Epicor seeks $175 million credit facility

By Sara Rosenberg

New York, March 15 - Epicor Software Corp. is currently in-market with a $175 million credit facility, according to a market source.

KeyBanc Capital is the lead arranger, bookrunner and administrative agent on the deal.

The facility, which launched with a bank meeting on March 9, consists of a $75 million three-year revolver and a $100 million six-year term loan B, with both tranches talked in the Libor plus mid-to-high 200s range, the source said.

The deal is rated B+ with a positive outlook by Standard & Poor's.

Proceeds will be used for general corporate purposes, including the refinancing of existing debt and future acquisitions.

The covenant package includes fixed-charge coverage requirements, minimum EBITDA requirements, total and senior leverage of 3 times and minimum unrestricted cash requirements.

Commitments are due March 22.

Epicor is an Irvine, Calif., provider of integrated enterprise software services to mid-market companies.

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