Cerence readies launch of $500 million credit facilities for Monday

By Sara Rosenberg

New York, Sept. 4 – Cerence Inc. will hold a bank meeting at 10:30 a.m. ET on Monday to launch $500 million of credit facilities, according to a market source.

Barclays is the left lead bookrunner on the deal.

The facilities consist of a $75 million revolver and a $425 million first-lien term loan B, the source said.

Proceeds will be used to support the spinoff of Nuance Communications Inc.’s automotive software business segment into a new, independent, publicly traded company named Cerence.

Cerence is a Burlington, Mass.-based builder or automotive cognitive assistance solutions to power natural and intuitive interactions between automobiles, drivers and passengers, and the broader digital world.

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