Kofax ups U.S. term loan to $1.35 billion, cancels euro term loan

By Sara Rosenberg

New York, June 15 – Kofax upsized its U.S. seven-year first-lien term loan B (B2/B/BB-) to $1.346 billion from $1.025 billion and eliminated plans for a €300 million seven-year first-lien term loan B, according to market source.

Also, the original issue discount on the first-lien term loan finalized at 93, the wide end of the 93 to 94 talk, and some changes were made to documentation, the source said.

Pricing on the first-lien term loan remained at SOFR+10 basis points CSA plus 525 bps with a 0.5% floor.

Talk on the eliminated euro term loan had been Euribor plus 525 bps with a 0% floor and a discount of 93 to 94.

JPMorgan Chase Bank, Credit Suisse, UBS Securities, Jefferies LLC, Blackstone Credit, PSP Investments, Wells Fargo Securities LLC, Antares Capital, Security Benefit, BMO Capital Markets, Goldman Sachs, KKR Capital Markets, Stone Point Capital and Brinley Partners LP are the lead arrangers on the deal.

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

The company is also getting a $348 million privately placed second-lien term loan (Caa2/CCC+/CCC+).

Proceeds will be used to help fund the buyout of the company by Clearlake Capital Group LP and TA Associates from Thoma Bravo.

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

Kofax is an Irvine, Calif.-based provider of intelligent automation software to facilitate digital workflow transformations.

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