Motus finalizes $390 million term loan at Libor plus 400 bps

By Sara Rosenberg

New York, Nov. 2 – Motus firmed pricing on its $390 million seven-year first-lien term loan (B2/B-/B+) at Libor plus 400 basis points, the high end of the Libor plus 375 bps to 400 bps talk, and added a 25 bps step-down at 4.75x first-lien leverage, according to a market source.

In addition, the original issue discount on the term loan was revised to 99.5 from 99, the source said.

As before, the first-lien term loan has a 0.5% Libor floor and 101 soft call protection for six months.

Recommitments were scheduled to be due at 5 p.m. ET on Tuesday, the source added.

Allocations are expected on Wednesday morning.

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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