Tibco Software talks $1.42 billion term loan at Libor plus 375 bps

By Sara Rosenberg

New York, Oct. 7 – Tibco Software Inc. (Bali Finco Inc.) launched on Thursday its non-fungible $1.415 billion covenant-lite first-lien term loan due June 2026 with price talk of Libor plus 375 basis points with a 0% Libor floor and an original issue discount of 98 to 98.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

Nomura, Jefferies LLC, KKR Capital Markets, Macquarie Capital (USA) Inc. and Oak Hill Advisors are the lead arrangers on the deal. Nomura is the administrative agent.

Commitments are due at noon ET on Oct. 21, the source added.

Proceeds will be used to help fund the acquisition of Blue Prism Group plc for £11.25 per share, or £1.1 billion, and to pay fees and expenses.

The company’s existing first-lien term loan due June 2026 is priced at Libor plus 375 bps with a 0% Libor floor.

Tibco, a Vista Equity portfolio company, is a Palo Alto, Calif.-based infrastructure and business intelligence software company. Blue Prism is a U.K.-based provider of intelligent automation for the enterprise.

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