Kofax readies launch of $410 million term loan for Tuesday

By Sara Rosenberg

New York, Jan. 14 – Kofax (Project Leopard Holdings) is set to hold a bank meeting at 10 a.m. ET in New York on Tuesday to launch a $410 million covenant-light first-lien term loan due July 2023, according to a market source.

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

The term loan has a 0% Libor floor and 101 soft call protection for six months, the source said.

Commitments are due on Jan. 29.

The term loan is expected to get a B rating, the source added.

Proceeds will be used to fund the acquisition of Nuance Document Imaging from Nuance Communications Inc. for $400 million.

Closing is expected by the end of this quarter.

Kofax is an Irvine, Calif.-based provider of software solutions and services across multi-channel capture and financial process automation markets. Nuance Document Imaging is a provider of software that helps organizations optimize their information-based capture and print processes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.