Mitratech talks $225 million term loan at SOFR plus 425 bps

By Sara Rosenberg

New York, March 15 – Mitratech is talking its non-fungible $225 million incremental first-lien term loan due May 2028 (B2/B-) at SOFR+CSA plus 425 basis points with a 0.75% floor and an original issue discount of 95 to 96, according to a market source.

CSA is ARCC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

The incremental term loan has 101 soft call protection for six months, the source said.

As previously reported, the company posted a pre-recorded lender presentation on Tuesday with a live lender question and answer session at 9:30 a.m. ET on Wednesday to launch the term loan.

Golub Capital is the left lead arranger on the deal and the administrative agent.

Commitments are due at 5 p.m. ET on March 22, the source added.

Proceeds from the term loan will be used to fund two acquisitions.

The company is also getting a $30 million upsize to its existing revolving credit facility.

Ontario Teachers’ Pension Plan is the majority owner of Mitratech, and Hg Capital is a minority owner.

Mitratech is an Austin, Tex.-based provider of legal matter management, compliance and operational risk software solutions for corporate in-house legal departments and law firms.

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