Interactive Data launches repricing of $1.3 billion term loan

By Sara Rosenberg

New York, Jan. 31 - Interactive Data Corp. held a conference call on Monday at 2 p.m. ET to launch a repricing/refinancing of its roughly $1.3 billion term loan, according to a market source.

Bank of America Merrill Lynch, Barclays Capital Inc., Credit Suisse Securities LLC and UBS Securities LLC are the lead banks on the deal.

Under the proposal, the company is looking to reprice the loan at Libor plus 350 basis points with a 1.5% Libor floor and an offer price of par, the source said.

In July 2010, the company got the term loan for its buyout by Silver Lake and Warburg Pincus at pricing of Libor plus 500 bps with a 1.75% Libor floor. It was sold at an original issue discount of 97.

At close, the term loan was sized at $1.33 billion. By Sept. 30, it had been paid down to 1.313 billion.

The company said in an 8-K filed with the Securities and Exchange Commission that it is seeking the refinancing to take advantage of current market conditions.

Interactive Data is a Bedford, Mass.-based provider of financial market data.

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