Micro Focus draws $75 million under revolver to repay term loan B

By Tali Rackner

Norfolk, Va., March 23 – Micro Focus International plc said it drew $75 million of its $225 million revolving facility since Jan. 31 to make a voluntary repayment of $150 million of the term loan B, according to a notice.

The group's objective remains to reduce net debt to 2.5 times facility EBITDA.

If this repayment was made on Jan. 31, it would not have affected the Micro Focus’ net debt position; however, following this repayment, the gross debt of the group (excluding $150 million undrawn under the revolver) totals $1.7 billion (consisting of $1,125,000,000 term loan B, $500 million term loan C and $75 million revolver) compared with gross debt (excluding $125 million undrawn under the revolver) of $1,875,000,00 at completion of the transaction.

Micro Focus is a software provider with U.S. headquarters in Rockville, Md., and U.K. headquarters in Newbury, Berkshire.

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