Quick Base talks $275 million term loan at Libor plus 400-425 bps

By Sara Rosenberg

New York, March 14 – Quick Base launched on Thursday its $275 million seven-year covenant-lite first-lien term loan (B1/B) with price talk of Libor plus 400 basis points to 425 bps with a 0% Libor floor and an original issue discount of 99, according to a market source.

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

The company’s $315 million of first-lien credit facilities include a $40 million five-year revolver (B1/B) as well.

Commitments are due on March 27, the source added.

Golub Capital and Neuberger Berman are the joint lead arrangers and joint bookrunners on the deal, with Golub the left lead.

Quick Base is also getting a $140 million covenant-lite second-lien term loan that has been privately placed.

Carlyle Global Credit is acting as a joint lead arranger and administrative agent on the second-lien term loan.

Proceeds will be used to help fund the buyout of the company by Vista Equity Partners.

Quick Base’s current investor, Welsh, Carson, Anderson & Stowe, is reinvesting in the company as part of the transaction.

Quick Base is a Cambridge, Mass.-based provider of platform-as-a-service application development tools that allow non-technical users to develop and deploy their own highly configurable apps that streamline a variety of day-to-day functions.

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