Corel increases add-on first-lien term loan amount to $100 million

By Sara Rosenberg

New York, March 2 – Corel Corp. upsized its fungible add-on first-lien term loan to $100 million from $75 million, 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.

The original issue discount on the incremental term loan remained at 99.

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

Commitments were scheduled to be due at 3 p.m. ET on Tuesday, accelerated from 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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