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Eze Software reduces spreads on first- and second-lien term loans
By Sara Rosenberg
New York, March 11 - Eze Software Group lowered pricing on its $335 million seven-year first-lien term loan (B1/B+) to Libor plus 350 basis points from Libor plus 375 bps and on its $170 million eight-year second-lien term loan (Caa1/CCC+) to Libor plus 750 bps from Libor plus 775 bps, according to a market source.
Also, the original issue discount on the first-lien term loan firmed at 991/2, the tight end of the 99 to 99½ talk, and the discount on the second-lien term loan came at 99, the low end of the 98½ to 99 talk, the source said.
As before, both term loans have a 1.25% Libor floor.
Included in the first-lien loan is 101 soft call protection for one year, and the second-lien loan has call protection of 102 in year one and 101 in year two.
The company's $580 million credit facility also provides for a $75 million five-year revolver (B1/B+).
Commitments are due at 5 p.m. ET on Tuesday.
Bank of America Merrill Lynch, Morgan Stanley Senior Funding Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. and Jefferies Finance LLC are the lead banks on the deal.
Proceeds will be used to help fund the buyout of Eze Castle Software and RealTick by TPG from ConvergEx Group.
Eze Castle Software, a provider of global order management and related investment technologies, and RealTick, a multi-broker, cross-asset electronic execution platform, will then be combined to form Eze Software Group.
Following the close of the transaction, Eze Software will acquire Tradar, a supplier of portfolio management and accounting solutions.
Eze Software Group is a provider of investment technology to support the front, middle and back office.
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