SmartBear lifts first-lien loan to $75 million, revises issue price

By Sara Rosenberg

New York, May 4 – SmartBear (AQA Acquisition Holdings Inc.) upsized its fungible covenant-lite incremental first-lien term loan (B2/B-) due March 2, 2028 to $75 million from $70 million and tightened the issue price to par from talk in the range of 99.5 to 99.75, according to a market source.

Pricing on the incremental term loan is Libor plus 425 basis points with a 0.5% Libor floor, in line with existing first-lien term loan pricing.

The incremental first-lien term loan has 101 soft call protection through Sept. 2, 2021.

Credit Suisse Securities (USA) LLC and Antares Capital are the lead arrangers on the deal.

Commitments were scheduled to be due at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used with a $54 million privately placed incremental second-lien term loan to fund the acquisition of Bugsnag.

SmartBear is a Somerville, Mass.-based provider of software development and quality tools. Bugsnag is a San Francisco-based provider of application stability management.

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