UBS and Bear Stearns are syndicating a $170 million credit backing Spectrum Equity Investors' acquisition of QTC Management. The deal consists of a six-year, $15 million senior secured revolving credit facility at LIBOR plus 2 1/2%; a seven-year, $100 million senior secured first lien term loan at LIBOR plus 2 1/2%; and a seven-and-a-half year, $55 million senior secured second lien facility priced at LIBOR plus 6%.
The deal hit the market following a bank meeting last Tuesday and commitments are due by Oct. 31. The scheduled closing date for the deal is Nov. 4. Bankers at UBS and Bear Stearns did not return calls seeking comment. Calls to Randy Henderson, managing director and cfo at Spectrum, and Betty Louie, cfo at QTC, were not returned.