Webpros lifts term loan to $540 million, flexes to SOFR plus 400 bps

By Sara Rosenberg

New York, March 19 – Webpros upsized its seven-year term loan B to $540 million from $515 million and reduced pricing to SOFR plus 400 basis points from SOFR plus 425 bps, according to a market source.

Also, the original issue discount on the term loan was changed to 99.75 from 99, the source said.

The term loan still has a 25 bps pricing step-down at 0.5x inside closing date first-lien net leverage, a 0% floor, 101 soft call protection for six months, no CSA and amortization of 1% per annum.

Goldman Sachs Bank USA is the left lead arranger on the deal.

Recommitments were scheduled to be due at 11:30 a.m. ET on Tuesday, the source added.

Proceeds will be used to refinance an existing $489 million first-lien term loan, to pay down revolving credit facility borrowings and, due to the upsizing, to add cash to the balance sheet.

Webpros is a provider of web hosting automation software, web billing and other web applications.

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