Quorum Business upsizes term loan to $245 million, flexes lower

By Sara Rosenberg

New York, Sept. 17 – Quorum Business Solutions (QBS Parent Inc.) lifted its seven-year covenant-light first-lien term loan to $245 million from $230 million and reduced pricing to Libor plus 400 basis points from Libor plus 450 bps, according to a market source.

Additionally, the original issue discount on the first-lien term loan was changed to 99.75 from 99.5, the source said.

The first-lien term loan still has a 0% Libor floor and 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC and Macquarie Capital (USA) Inc. are the lead arrangers on the deal.

Recommitments are due at 10 a.m. ET on Tuesday, the source added.

Proceeds will be used to help fund the buyout of the company by Thoma Bravo LLC from Silver Lake.

Other funds for the transaction will come from a privately placed second-lien term loan that was downsized to $85 million from $100 million with the first-lien term loan upsizing.

Closing is expected in the third quarter, subject to customary conditions and regulatory approvals.

Quorum is a provider of finance, operations and accounting software to energy companies.

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