Flexera Software widens price talk on $355 million term loans

By Paul A. Harris

Portland, Ore., Sept. 28 - Flexera Software widened the price talk on its first- and second-lien term loans on Wednesday, according to a market source.

Spread talk for the $230 million six-year first-lien term loan (B2/B) was revised to Libor plus 600 basis points to 625 bps. Earlier talk was Libor plus 600 bps. The discount talk steepened to the 96 to 97 range, from earlier discount talk of 98. A 101 soft call was also added to the first-lien tranche.

Meanwhile spread talk on the $100 million seven-year second-lien term loan (Caa2/CCC+) widened to Libor plus 975 bps to 1,100 bps from Libor plus 925 bps. Price talk increased the discount to a range of 92 to 93. The second-lien loan had also previously been talked with an original issue discount of 98.

Both tranches feature a 1.25% Libor floor.

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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