GlobalLogic cuts spread on $525 million term B to Libor plus 375 bps

By Sara Rosenberg

New York, Aug. 13 – GlobalLogic Holdings Inc. trimmed pricing on its $525 million seven-year incremental term loan B (B) to Libor plus 375 basis points from talk in the range of Libor plus 400 bps to 425 bps, according to a market source.

Additionally, original issue discount talk on the term loan was revised to a range of 98.75 to 99 from 98, and then firmed at 99, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

J.P. Morgan Securities LLC is the left lead bank on the deal.

Proceeds will be used to fund a dividend.

GlobalLogic is a San Jose, Calif.-based digital product engineering services provider.

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