Corel launches $75 million add-on first-lien term loan at 99 OID

By Sara Rosenberg

New York, Feb. 24 – Corel Corp. launched on Wednesday its fungible $75 million add-on first-lien term loan with original issue discount talk of 99, according to a market source.

Pricing on the incremental term loan is Libor plus 500 basis points with a 0% Libor floor, in line with existing term loan pricing.

KKR Capital Markets, Citigroup Global Markets Inc. and Barclays are the leads on the deal.

Commitments are due at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to repay some second-lien term loan borrowings.

Corel is an Ottawa-based software company.

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