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SunGard readies launch of $2 billion term loan, amendment for Wednesday
By Sara Rosenberg
New York, Feb. 19 - SunGard Data Systems Inc. will hold a call at 10 a.m. ET on Wednesday to launch a new $2 billion seven-year term loan and an amendment to its existing credit facility, according to a market source.
J.P. Morgan Securities LLC is the left lead bank on the deal.
The term loan is talked at Libor plus 300 basis points with a 1% Libor floor and an original issue discount that is still to be determined, the source said.
Proceeds will be used to refinance the existing term loan B due 2016 and a portion of the term loan C due 2017.
SunGard is a Wayne, Pa.-based software and technology services company.
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