Flexera Software add-on term loan frees to trade; Beacon Roofing schedules bank meeting

By Sara Rosenberg

New York, Sept. 3 – Flexera Software LLC’s add-on first-lien term loan made its way into the secondary market on Thursday, with levels quoted above it original issue discount.

Flexera Software’s fungible $45 million add-on first-lien term loan broke for trading, with levels seen at 99¼ bid, 99¾ offered, according to a trader.

Pricing on the add-on term loan is Libor plus 350 basis points with a 1% Libor floor, in line with the existing first-lien term loan, and it was issued at an original issue discount of 99.03.

Meanwhile, in the primary market, Beacon Roofing Supply Inc. nailed down timing on the launch of its proposed credit facility.

Beacon Roofing set a bank meeting for 10 a.m. ET in New York on Sept. 10 to launch its credit facility, which was previously broadly labeled as September business, according to a market source.

Past filings with the Securities and Exchange Commission outlined the debt as a $1.15 billion credit facility comprised of a $700 million five-year ABL revolver, expected at Libor plus 125 bps to 175 bps based on quarterly average excess availability, and a $450 million seven-year covenant-light term loan B, expected at Libor plus 300 bps with a 1% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

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