Cloud Software prices $1 billion add-on term loan at 95.5 OID

By Sara Rosenberg

New York, Nov. 15 – Cloud Software Group Inc. launched on Wednesday morning a fungible $850 million add-on term loan B due March 30, 2029 with original issue discount talk of 95.25 to 95.5 and, in the afternoon, the add-on loan was upsized to $1 billion with the discount firming at 95.5, according to a market source.

Pricing on the add-on term loan (B2/B) is SOFR+10 basis points CSA plus 450 bps with a 0.5% floor, in line with existing term loan B pricing.

BofA Securities Inc. and Goldman Sachs Bank USA are the arrangers on the deal.

Proceeds will be used to fund a distribution to repay some preferred equity.

Cloud Software, formed in 2022 through the combination of Citrix Systems Inc. and Tibco Software Inc., is an enterprise software provider.

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