Cloud Software Group revises $1 billion term loan B OID to 99.25

By Sara Rosenberg

New York, March 19 – Cloud Software Group Inc. (Picard Parent Inc.) tightened the original issue discount on its $1 billion seven-year first-lien term loan B (B2/B) to 99.25 from revised talk of 99 and initial talk of 98.5, according to a market source.

Pricing on the term loan remained at SOFR plus 450 basis points with a 0.5% floor.

The term loan still has 101 soft call protection for six months.

BofA Securities Inc., Goldman Sachs Bank USA, UBS Investment Bank and others are the arrangers on the deal.

Recommitments were scheduled to be due at 12:30 p.m. ET on Tuesday, the source added.

Proceeds will be used to partially repay preferred equity.

Cloud Software, formed in 2022 through the combination of Citrix Systems Inc. and Tibco Software Inc., is a provider of software franchises for and across data, automation, insight and collaboration serving enterprises across private, public, managed and sovereign cloud environments.

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