Motus launches $390 million term loan at Libor plus 375-400 bps

By Sara Rosenberg

New York, Oct. 20 – Motus launched on Wednesday its $390 million seven-year first-lien term loan (B2/B-/B+) with price talk of Libor plus 375 basis points to 400 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months, the source said.

Commitments are due at noon ET on Nov. 2.

The company’s $575 million of credit facilities also include a $50 million revolver and a $135 million privately placed second-lien term loan.

RBC Capital Markets, Barclays, Owl Rock and Thoma Bravo Credit are the joint lead arrangers on the deal.

Proceeds will be used to help fund a significant strategic investment in Motus by Permira. As part of the transaction, existing investor Thoma Bravo plans to reinvest and remain a significant investor in the company.

Closing is expected in the fourth quarter, subject to customary regulatory approvals.

Motus is a Boston-based reimbursement software platform for the anywhere workforce.

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