Confluence launches $290 million term loan at Libor plus 350-375 bps

By Sara Rosenberg

New York, July 8 – Confluence Technologies Inc. launched on Thursday its $290 million covenant-lite first-lien term loan with price talk of Libor plus 350 basis points to 375 bps with a 0.5% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

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

Commitments are due on July 21.

The company’s $510 million of credit facilities also include a $40 million revolver, a $75 million privately placed first-lien delayed-draw term loan and a $105 million privately placed covenant-lite second-lien term loan.

Golub Capital is the left lead arranger on the deal.

Proceeds will be used to help fund the buyout of the company by Clearlake Capital Group LP from TA Associates. TA will retain a minority equity stake in the company.

Closing is expected in the third quarter, subject to customary regulatory approvals and conditions.

Confluence is a Pittsburgh-based software provider of performance reporting, analytics, regulatory reporting, risk and data solutions for financial services companies.

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