symplr to launch $250 million first-lien term loan on Wednesday

By Sara Rosenberg

New York, Jan. 25 – symplr Software Inc. will hold a lender call at 10 a.m. ET on Wednesday to launch a fungible $250 million incremental covenant-lite first-lien term loan due December 2027, according to a market source.

Credit Suisse Securities (USA) LLC is the lead arranger on the deal.

Pricing on the incremental first-lien term loan is SOFR+10 basis points CSA plus 450 bps with a 0.75% floor, the source said.

Original issue discount talk on the incremental first-lien term loan is not yet available.

Expected first-lien term loan ratings are B2/B.

The company is also getting a $90 million privately placed second-lien term loan.

Commitments are due at noon ET on Feb. 2, the source added.

Proceeds will be used to fund the acquisition of Midas Health Analytics Solutions from Conduent Inc.

Closing is expected this quarter, subject to customary conditions and regulatory approvals.

With this transaction, pricing on the company’s existing first-lien term loan will transition to SOFR+10 bps CSA plus 450 bps with a 0.75% floor from Libor plus 450 bps with a 0.75% Libor floor.

symplr is a Houston-based provider of health care governance, risk and compliance software solutions. Midas is a provider of clinical and analytics transformation software solutions.

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