Flexera Software sets first-, second-lien term loan talk with launch

By Sara Rosenberg

New York, Sept. 7 - Flexera Software released price talk on its first- and second-lien term loans on Wednesday as the debt was launched to lenders, according to a market source.

The $230 million first-lien term loan (B2/B) is being talked at Libor plus 600 basis points and the $100 million second-lien term loan (Caa2/CCC+) is being talked at Libor plus 925 bps, with both tranches having a 1.25% Libor floor and an original issue discount of 98, the source said.

The company's $355 million credit facility also includes a $25 million revolver (B2/B).

BMO Capital Markets Corp. is the lead bank on the deal.

Proceeds will be used to help fund the buyout of the company by Teachers' Private Capital from Thoma Bravo LLC.

Closing on the transaction is expected in late September.

Flexera is a Schaumburg, Ill.-based provider of strategic application usage management services for application producers and their enterprise customers.

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