Confluence lifts incremental term loan to $270 million, firms OID

By Sara Rosenberg

New York, Dec. 10 – Confluence Technologies Inc. upsized its fungible incremental first-lien term loan (B2/B) to $270 million from $260 million and finalized the original issue discount at 99.5, the tight end of the 99 to 99.5 talk, 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 company is also getting a fungible $100 million privately placed incremental second-lien term loan (Caa2/CCC) and is upsizing its existing revolving credit facility to $55 million from $40 million.

Golub Capital and TD Securities (USA) LLC are the joint lead arrangers on the deal.

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.

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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