(Alliance News) - Micro Focus International PLC on Wednesday launched a USD1.43 billion senior secured term loan B refinancing and extended its existing USD500 million revolving credit facility due September 2022 to June 2024.
The enterprise software company said the term loan will be used to refinance the company's existing senior secured term loan B facility due November 2021. The new loan has a seven-year term.
Micro Focus said it will raise a combination of Euro and US dollar denominated term loans with a minimum tranche size of EUR500 million and USD500 million.
The initial price talk for the new facility is expected to be between 3.25% and 3.50% above the Euro Interbank Offered Rate at an original issue discount of 0.5% on the Euro tranche.
For US dollar denominated tranche, pricing is expected to be between 3.75% to 4.0% above London Inter-bank Offered Rate at an original issue discount of 1.0%.
Micro Focus shares were trading 2.3% higher at 803.90 pence each on Wednesday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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