GlobalLogic to launch $35 million add-on term loan on Tuesday

By Sara Rosenberg

New York, Feb. 6 – GlobalLogic Inc. is set to hold a lender call on Tuesday to launch a fungible $35 million add-on term loan, according to a market source.

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

Pricing on the add-on term loan is Libor plus 450 basis points with a 1% Libor floor, and the debt is talked with an original issue discount of 99.5, the source said.

Proceeds will be used to repay some PIK notes.

GlobalLogic is a California-based provider of software R&D services.

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