RedPrairie trims original issue discount on $240 million term to 99½

By Sara Rosenberg

New York, March 24 - RedPrairie Holding Inc. reduced the original issue discount on its $240 million term loan to 99½ from 99 and added a step-down in pricing to Libor plus 375 basis points when leverage is less than 3.0 times, according to a market source.

Initial pricing on the term loan is Libor plus 400 bps with a 2% Libor floor.

The company's $270 million credit facility also includes a $30 million revolver.

Credit Suisse and RBC are the lead banks on the deal and were asking for recommitments from lenders by 2 p.m. ET.

Proceeds were used to help fund the buyout of the company by New Mountain Capital LLC from Francisco Partners, the completion of which was announced on Wednesday.

RedPrairie is a Waukesha, Wis.-based productivity services provider.

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