Kofax widens issue price on $410 million first-lien term loan to 97

By Sara Rosenberg

New York, Jan. 29 – Kofax (Project Leopard Holdings) modified the original issue discount on its $410 million covenant-light first-lien term loan (B2/B) due July 2023 to 97 from talk in the range of 98 to 98.5, according to a market source.

Pricing on the term loan remained at Libor plus 425 basis points with a 1% Libor floor.

The term loan still has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA, Deutsche Bank Securities Inc. and UBS Investment Bank are the arrangers on the deal.

Commitments were scheduled to be due at 2 p.m. ET on Tuesday, the source said.

Proceeds will be used to fund the acquisition of Nuance Document Imaging from Nuance Communications Inc. for $400 million.

Closing is expected by the end of this quarter.

Kofax is an Irvine, Calif.-based provider of software solutions and services across multi-channel capture and financial process automation markets. Nuance Document Imaging is a provider of software that helps organizations optimize their information-based capture and print processes.

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