Deutsche Arranges SS&C Technologies Term Loan Repricing
SS&C Technologies Holdings, a global provider of financial services software and software-enabled services, announced that it completed a repricing of its $213.2 million term A-2 loans. As a result of the repricing transaction, the existing term loan A-2 has been replaced by new term A-2 loans at the same outstanding principal balance of $213.2 million, but at a different interest rate. The applicable interest rate on the new term loan A-2 has been reduced to either LIBOR plus 2.0% or the base rate plus 1.0%.
Deutsche Bank AG New York branch acted as the designated 2014 replacement term A-2 lender, and Deutsche Bank Securities, acted as the lead arranger, in connection with the repricing.
Based on current market conditions, the repricing represents a reduction in the interest rate of 50 basis points and is expected to reduce annual cash interest payments by approximately $1.1 million, before considering future principal payments.
The maturity date for the Term Loan A-2 remains December 8, 2017 and no changes were made to the financial covenants or scheduled amortization.