Kofax launches $410 million term loan at Libor plus 425 bps

By Sara Rosenberg

New York, Jan. 15 – Kofax (Project Leopard Holdings) launched on Tuesday its $410 million covenant-light first-lien term loan (B2/B) due July 2023 with price talk of Libor plus 425 basis points with a 1% Libor floor and an original issue discount of 98 to 98.5, according to a market source.

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

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

Commitments are due on Jan. 29.

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.

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