Imprivata breaks for trading; Renaissance Learning changes emerge; SS&C pulls launch

By Sara Rosenberg

New York, March 16 – Imprivata raised the spread on its incremental first-lien term loan B, removed a leverage-based step-down and widened the original issue discount, and then the debt made its way into the secondary market on Wednesday.

Also, Renaissance Learning Inc. sweetened pricing and issue price on its incremental first-lien term loan, and shortened the maturity, and SS&C Technologies Holdings Inc. terminated plans to launch its incremental term loans to investors.

Imprivata revised, frees

Imprivata lifted pricing its non-fungible $383 million incremental first-lien term loan B (B1/B-/BB-) due December 2027 to SOFR plus 425 basis points from SOFR plus 400 bps, eliminated a 25 bps step-down at 4.2x first-lien net leverage and modified the original issue discount to 97 from 98.5, according to a market source.

As before, the incremental term loan still a 25 bps step-down upon a qualified initial public offering, a 0.5% floor and 101 soft call protection for six months.

Recommitments were due at 10:30 a.m. ET on Wednesday and the incremental term loan freed to trade in the afternoon, with levels quoted at 97¾ bid, 98¾ offered, another source added.

The company is also getting a $300 million privately placed second-lien term loan.

Goldman Sachs Bank USA, Golub, UBS Investment Bank and Mizuho are leading the deal that will be used to help fund the acquisition of SecureLink, a provider of critical access management solutions.

Thoma Bravo is the sponsor.

In connection with this transaction, pricing on the company’s existing $739 million first-lien term loan will step up to Libor plus 375 bps.

Imprivata is a Lexington, Mass.-based digital identity solutions provider in health care.

Renaissance updated

Renaissance Learning increased pricing on its non-fungible $475 million incremental first-lien term loan to SOFR plus 450 bps from talk in the range of SOFR plus 400 bps to 425 bps, adjusted the original issue discount to 97 from 98.5 and shortened the maturity to five years from seven years, a market source said.

The term loan still has a 0.5% floor, 101 soft call protection for six months and no CSA.

Commitments continued to be due at 5 p.m. ET on Wednesday, the source added.

Barclays is the left lead on the deal that will be used to fund a recently signed acquisition and pay related fees and expenses.

Blackstone and Francisco Partners are the sponsors.

Renaissance Learning is a Wisconsin Rapids, Wis.-based provider of software solutions for assessment, teaching and learning to K-12 schools and districts.

SS&C shelved

SS&C Technologies canceled its 10 a.m. ET Wednesday lender call that would have launched its $1.68 billion of incremental term loans due to market conditions, a market source remarked.

Another source explained that it will be market dependent as to whether the incremental term loans will be launched at a later date or not syndicated at all.

The debt was going to be split between an $800 million term loan B-6 and an $880 million term loan B-7.

RBC Capital Markets, Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Goldman Sachs Bank USA and JPMorgan Chase Bank are leading the debt that will be used to help fund the roughly $1.6 billion acquisition of Blue Prism Group plc, which was completed on Wednesday.

SS&C is a Windsor, Conn.-based provider of services and software for the financial services and health care industries. Blue Prism is a U.K.-based provider of intelligent automation for the enterprise.

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