SmartBear to launch $385 million first-lien term loan on Thursday

By Sara Rosenberg

New York, Nov. 10 – SmartBear (AOA Acquisition Holding Inc.) is scheduled to hold a lender call at 1 p.m. ET on Thursday to launch a $385 million seven-year covenant-lite first-lien term loan, according to a market source.

The first-lien term loan has 101 soft call protection for six months.

The company’s $565 million of credit facilities also include a $50 million revolver and a $130 million privately placed second-lien term loan, the source said.

Credit Suisse Securities (USA) LLC, Antares Capital, Golub and Neuberger Berman are the lead arrangers on the deal.

Commitments are due at noon ET on Nov. 20, the source added.

Proceeds will be used to help fund Vista Equity Partners’ investment in the company. Francisco Partners will continue as an investor in the company and own a joint stake.

SmartBear is a Somerville, Mass.-based provider of software development and quality tools.

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