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DELTEK SEEKS REFINANCING
When a company is healthy, like Deltek, and is searching for refinancing, I take that as an optimistic sign. In this case, the Reston, Va.-based software vendor proposes to refinance its credit agreement which is comprised by a $151.9 million term loan maturing in April 2011 and April 2013 and a revolving credit facility of $22.5 million that expires in April 2013.
The company wants to repay all indebtedness and all amounts due under the existing agreement and for general corporate purchase. Although it was just beginning to seek discussions with potential lenders, Deltek was looking for a package to would give it up to $220 million in borrowing, including a secured term loan of $190 million maturing in 2016 and a securing revolving credit loan of $30 million, maturing in 2015.
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