CRGT issues $80 million tack-on term loan at discount of 99.75

By Sara Rosenberg

New York, Sept. 2 – CRGT Inc. wrapped syndication of an $80 million tack-on first-lien term loan due Dec. 19, 2020 with the debt issued at an original issue discount of 99.75, according to a market source.

Pricing on the tack-on term loan is Libor plus 650 basis points with a 1% Libor floor and there is 101 soft call protection through December, which is all in line with the existing first-lien term loan.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds will be used to help fund the merger of CRGT with Salient Federal Solutions Inc. to form Salient CRGT.

The combined company is backed by two private equity firms, Bridge Growth Partners LLC and Frontenac Co.

Closing is expected early in the fourth quarter.

CRGT is a Reston, Va.-based provider of custom software development and data analytics to federal government agencies. Salient is a Fairfax, Va.-based provider of information technology and engineering services.

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