SS&C Technologies Holdings, a provider of financial services software and software-enabled services, announced that it completed a repricing of its $620.2 million term B-1 loans and $64.2 million term B-2 loans. As a result of the repricing transaction, the existing term loan B has been replaced by new term B-1 loans and term B-2 loans at the same outstanding principal balance of $684.4 million, but at a different interest rate.

Deutsche Bank AG New York Branch acted as the designated 2013 replacement term lender, and Deutsche Bank Securities acted as the lead arranger, in connection with the repricing.

The applicable interest rate on the new term loan B has been reduced to either LIBOR plus 2.75% or the base rate plus 1.75%, and the LIBOR floor has been reduced from 1.00% to 0.75%, subject to a step-down at any time that the consolidated net senior secured leverage ratio is less than 2.75 times, to 2.50% in the case of the LIBOR margin, and 1.50% in the case of the base rate margin.

Based on current market conditions, the repricing represents a reduction in the interest rate of 150 basis points and is expected to reduce annual cash interest payments by approximately $10.3 million, before considering future principal payments. Pursuant to the terms of the New Term Loan B, the Company is required to pay a 1.00% prepayment penalty if repriced on or prior to December 10, 2013.

The maturity date for the term loan B remains June 8, 2019 and no changes were made to the financial covenants or scheduled amortization.