Kofax to launch $559 million first-lien term loan on Tuesday

By Sara Rosenberg

New York, Feb. 12 – Kofax (Project Leopard Holdings) is set to hold a lender call at 1:30 p.m. ET on Tuesday to launch a $559 million covenant-light first-lien term loan due July 2023, according to a market source.

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

Price talk on the term loan is Libor plus 425 basis points to 450 bps with a 1% Libor floor and a par issue price, the source said.

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

Expected term loan ratings are B2/B.

Commitments are due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 550 bps with a 1% Libor floor.

Kofax is an Irvine, Calif.-based provider of software solutions and services across multi-channel capture and financial process automation markets.

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