Sirius Computer tapped Credit Suisse for a $215 million senior secured credit facility last Wednesday. The deal comprises a five-year, $30 million revolver; a six-year, $130 million term loan and a seven-year, $55 million second-lien term loan. Pricing on the credit could not be determined.
The deal is being used to partially finance an equity investment by Thoma Cressey Equity Partners. Moody's Investors Service rated the credit's first lien Ba2 and the second lien B2 citing its limited presence in the fast growing IT industry, dependence on IBM for over 90% of its revenues and debt leverage of 4.1 times pro forma the financing. Standard & Poor's rated the credit's first lien B+ with a 2 recovery rating and the second lien B- with a 5 recovery rating.
Based in San Antonio, Sirius is the largest reseller of IBM servers and related hardware. Calls to a company spokeswoman were not returned by press time. A Thoma Cressey representative could not be reached.