Mitratech finalizes $225 million incremental term loan at 95 OID

By Sara Rosenberg

New York, March 22 – Mitratech firmed the original issue discount on its non-fungible $225 million incremental covenant-lite first-lien term loan due May 18, 2028 (B2/B-) at 95, the wide end of the 95 to 96 talk, according to a market source.

Pricing on the incremental term loan remained at SOFR+CSA plus 425 basis points with a 0.75% floor.

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 still has 101 soft call protection for six months.

Along with the term loan, the company is getting a $38.5 million incremental revolving credit facility.

Earlier in syndication, the incremental revolver was upsized from $30 million. Pro forma for the transaction, the company’s revolver will total $78.5 million.

Golub Capital and UBS Investment Bank are the lead arrangers on the deal. Golub is the administrative agent.

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

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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