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Blue Yonder term B cut to $606 million, firms at Libor plus 300 bps
By Sara Rosenberg
New York, July 30 – Blue Yonder downsized its 5.5-year covenant-lite term loan B to $606 million from $620 million and finalized pricing at Libor plus 300 basis points, the low end of the Libor plus 300 bps to 325 bps talk, according to a market source.
Also, a step-down was added to Libor plus 275 bps upon a corporate ratings upgrade, the source said.
The term loan still has a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.
J.P. Morgan Securities LLC, Goldman Sachs Bank USA, BofA Securities Inc., Credit Suisse Securities (USA) LLC and Blackstone are the bookrunners on the deal.
Proceeds will be used to repay term loan borrowings.
Blue Yonder, formerly JDA Software Group, is a Scottsdale, Ariz.-based software and consultancy company.
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