Cornerstone OnDemand flexes $2.12 billion loan to Libor plus 375 bps

By Sara Rosenberg

New York, Sept. 21 – Cornerstone OnDemand Inc. reduced pricing on its $2.118 billion seven-year term loan B (B2/B-) to Libor plus 375 basis points from Libor plus 400 bps, according to a market source.

The term loan still has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

JPMorgan Chase Bank, BofA Securities Inc., Ares, Golub, Antares Capital, BMO Capital Markets, Barclays, BNP Paribas Securities Corp., CBAM, CPPIB, Credit Suisse Securities (USA) LLC, Fifth Third, Goldman Sachs Bank USA, Jefferies LLC, MUFG and Owl Rock are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by Clearlake Capital Group LP for $57.50 per share in cash. The transaction has an enterprise value of about $5.2 billion.

Other funds for the buyout will come from $1.935 billion of equity and $700 million of preferred equity.

Closing is expected this year, subject to customary conditions, including the receipt of regulatory approvals and approval by Cornerstone stockholders.

Cornerstone is a Santa Monica, Calif.-based people development company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.