iSolved launches $550 million term loan at SOFR plus 425 bps

By Sara Rosenberg

New York, Sept. 28 – iSolved launched on Thursday its $550 million seven-year first-lien term loan with price talk of SOFR plus 425 basis points with a 0.5% floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months.

The company’s $625 million of credit facilities also include a $75 million five-year revolver.

UBS Investment Bank, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Jefferies LLC and JPMorgan Chase Bank are the arrangers on the deal.

Commitments are due on Oct. 10, the source added.

Proceeds will be used to repay existing debt, to fund cash to the balance sheet and for general corporate purposes.

Accel-KKR is the sponsor.

iSolved is a provider of cloud based human capital management software, focusing on SMB and midmarket organizations.

© 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.