Flexera ups spread on $215 million facility to Libor plus 575 bps

By Sara Rosenberg

New York, Jan. 13 - Flexera Software Inc. increased pricing on its $215 million credit facility (B2/BB-) to Libor plus 575 basis points from Libor plus 525 bps, while leaving the 1.75% Libor floor unchanged, according to a market source.

The facility consists of a $200 million term loan B and a $15 million revolver.

The term loan B is still being offered at an original issue discount of 98.

Soft call protection of 102 in year one and 101 in year two was added to the B loan, the source continued.

Barclays Capital and RBC Capital are the lead banks on the deal.

Proceeds will be used to refinance existing debt and fund a dividend payment.

Closing is expected to take place during the Jan. 17 week.

Flexera is a Schaumburg, Ill.-based provider of software to help simplify the business relationship between software producers and enterprises.

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