Viewpoint cuts spread on first-lien term loan to Libor plus 425 bps

By Sara Rosenberg

New York, July 18 – Viewpoint Inc. reduced pricing on its $210 million seven-year covenant-light first-lien term loan (B1/B) to Libor plus 425 basis points from Libor plus 450 bps, according to a market source.

The first-lien term loan still has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

Recommitments for the first-lien term loan were scheduled to be due at noon ET on Tuesday, the source said.

The company’s $335 million of credit facilities also include a $30 million revolver (B1/B) and a $95 million eight-year covenant-light second-lien term loan (Caa1/CCC) that was switched last week to a privately placed loan from on offer for syndication.

Pricing on the second-lien term loan is Libor plus 825 bps with a 1% Libor floor and an original issue discount of 99.

Included in the second-lien term loan is call protection of 102 in year one and 101 in year two.

Upon being privately placed, the spread on the second-lien loan firmed at the tight end of initial talk of Libor plus 825 bps to 850 bps.

Credit Suisse Securities (USA) LLC is the lead arranger on the deal.

Proceeds will be used to refinance existing debt and for acquisition financing.

Viewpoint is a Portland, Ore.-based provider of construction-specific software solutions to the construction and capital project industries.

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