Hyland Software upsizes tack-on first-lien term loan to $130 million

By Sara Rosenberg

New York, May 1 – Hyland Software Inc. lifted its tack-on first-lien covenant-light term loan due February 2021 to $130 million from $100 million, according to a market source.

Pricing on the tack-on loan remained at Libor plus 375 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing, and an original issue discount of 99½.

As before, all of the first-lien term loan debt is getting 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are the lead banks on the deal.

Commitments continue to be due at noon ET on Monday, the source added.

Proceeds will be used to fund a distribution to shareholders.

Hyland is a Westlake, Ohio-based enterprise content-management software developer.

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