Credit Suisse First Boston and TD Securities have refinanced Nashville-based ClientLogic's bank debt with the terms changing during syndication. With an initial debt of $122.1 million, the banks offered a new $157 million deal, which included a $30 million revolver, a $92 million "B" loan and a $35 million second-lien "C" loan.
During syndication there was a change of terms that resulted in a final deal of a five-year, $30 million revolver, a seven-year, $77 million term loan "B" and a seven-and-a-half year $50 million term loan "C." The revolver and "B" are priced at LIBOR plus 4 1/2% and the "C" is priced at 9% over LIBOR. There is also 101 call premium on the second-lien in the first year. ClientLogic provides customer management solutions and is a subsidiary of the Canadian company, Onex Corp.