BMC Software modifies price talk on U.S. and euro term loans

By Sara Rosenberg

New York, June 26 – BMC Software increased price talk on its $3,375,000,000 seven-year term loan B to a range of Libor plus 400 basis points to 425 bps from a range of Libor plus 350 bps to 375 bps and on its €855 million seven-year term loan B to a range of Euribor plus 450 bps to 475 bps from a range of Euribor plus 400 bps to 425 bps, according to a market source.

As before, both term loans have a 0% floor, an original issue discount of 99.5 and 101 soft call protection for six months.

The company’s $4,775,000,000 equivalent of credit facilities (B2/B) also include a $400 million five-year revolver.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Jefferies LLC, KKR Capital Markets, Macquarie Capital (USA) Inc., Mizuho Bank and Barclays are the lead arrangers on the deal.

Commitments continue to be due at 5 p.m. ET on Wednesday for the U.S. dollar loan and at 1 p.m. ET on Wednesday for the euro-denominated loan.

Proceeds will be used to help fund the buyout of the company by KKR from a private investor group led by Bain Capital Private Equity and Golden Gate Capital together with GIC, Insight Venture Partners and Elliott Management.

Closing is expected in the third quarter, subject to regulatory approvals and other customary conditions.

BMC is a Houston-based provider of software solutions for the digital enterprise.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.