Confluence launches $260 million incremental term loan at 99-99.5 OID

By Sara Rosenberg

New York, Nov. 29 – Confluence Technologies Inc. launched on Monday its fungible $260 million incremental first-lien term loan (B2/B) with original issue discount talk of 99 to 99.5, according to a market source.

Pricing on the incremental first-lien term loan is Libor plus 375 basis points with a 0.5% Libor floor, in line with existing term loan pricing.

The incremental first-lien term loan and the existing term loan are getting 101 soft call protection for six months, the source said.

Commitments are due at 5 p.m. ET on Dec. 9, the source added.

Golub Capital is the lead on the deal.

The company is also getting a fungible $100 million privately placed incremental second-lien term loan.

Proceeds will be used with equity and cash from the balance sheet to fund the acquisitions of Investment Metrics, a Norwalk, Conn.-based provider of portfolio analytics, reporting and data solutions, for $500 million and Compliance Solutions Strategies, a New York-based RegTech company that enables financial services firms to meet mandatory regulatory compliance requirements.

Closing is expected this quarter.

Pro forma for the transaction, the first-lien term loan will total $550 million and the second-lien term loan will total $205 million.

Confluence, a portfolio company of Clearlake Capital and TA Associates, is a Pittsburgh-based technology solutions provider to the investment management industry.

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