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Hyland Software increases term loan size to $475 million
By Sara Rosenberg
New York, Feb. 12 - Hyland Software Inc. lifted its seven-year first-lien covenant-light term loan (B2/B) to $475 million from $435 million, according to a market source.
Pricing on the term loan is still Libor plus 375 basis points with a 1% Libor floor and an original issue discount of 991/2, and there is still 101 soft call protection for six months.
Commitments are due at 3 p.m. ET on Friday, accelerated from Tuesday, the source said.
Credit Suisse Securities (USA) LLC and Jefferies Finance LLC are the lead banks on the deal.
Proceeds will be used to refinance existing debt and fund a dividend.
Hyland is a Westlake, Ohio-based enterprise content-management software developer.
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