symplr finalizes $680 million term loan at Libor plus 450 bps

By Sara Rosenberg

New York, Nov. 23 – symplr Software Inc. firmed pricing on its $680 million seven-year covenant-lite first-lien term loan (B2/B) at Libor plus 450 basis points, the high end of the Libor plus 425 bps to 450 bps talk, and added a 25 bps step-down at 0.5x inside first-lien net leverage, according to a market source.

The first-lien term loan still has a 0.75% Libor floor, an original issue discount of 98.5, 101 soft call protection for six months and amortization of 1% per annum.

Recommitments were scheduled to be due at 10:30 a.m. ET on Monday, the source added.

The company is also getting a $250 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC is the left lead arranger on the deal. Goldman Sachs Bank USA, Antares Capital, Ares, Deutsche Bank Securities Inc., Golub Capital and Jefferies LLC are involved as well.

Proceeds will be used to refinance existing debt and to fund the acquisition of TractManager, a Dallas-based health care-specific application suite, from Arsenal Capital Partners.

symplr, a portfolio company of Clearlake Capital Group LP and SkyKnight Capital, is a Houston-based health care governance, risk management and compliance software-as-a-service platform.

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