Imprivata breaks for trading; Renaissance Learning changes emerge; SS&C pulls launch

By Sara Rosenberg

New York, March 16 – Imprivata raised the spread on its incremental first-lien term loan B, removed a leverage-based step-down and widened the original issue discount, and then the debt made its way into the secondary market on Wednesday.

The company lifted pricing on the non-fungible $383 million incremental first-lien term loan B (B1/B-/BB-) due December 2027 to SOFR plus 425 basis points from SOFR plus 400 bps, eliminated a 25 bps step-down at 4.2x first-lien net leverage and modified the original issue discount to 97 from 98.5, according to a market source.

As before, the incremental term loan still a 25 bps step-down upon a qualified initial public offering, a 0.5% floor and 101 soft call protection for six months.

Also, Renaissance Learning Inc. sweetened pricing and issue price on its incremental first-lien term loan, and shortened the maturity, and SS&C Technologies Holdings Inc. terminated plans to launch its incremental term loans to investors.

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