Kofax launches $360 million term loan at Libor plus 475 bps

By Sara Rosenberg

New York, Feb. 19 – Kofax (Project Leopard Holdings Inc.) launched on its lender call on Friday a $360 million incremental covenant-lite first-lien term loan due July 2024 with price talk of Libor plus 475 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The incremental term loan has 101 soft call protection for six months, the source said.

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

Commitments are due at noon ET on Feb. 26.

Proceeds will be used to fund a distribution to shareholders.

The incremental term loan will be fungible with the company’s existing $402 million tack-on term loan done in 2019, which will be extended by one year from July 2023 and see pricing increase to Libor plus 475 bps from Libor plus 425 bps.

Also, the company’s original $542 million term loan will be extended by one year to July 2024 and see pricing increase to Libor plus 475 bps from Libor plus 450 bps, the source added.

Kofax is an Irvine, Calif.-based intelligent automation platform.

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