Flexera launches $285 million term loan at Libor plus 400-425 bps

By Sara Rosenberg

New York, Dec. 2 – Flexera Software LLC launched on Wednesday its non-fungible $285 million incremental first-lien term loan due February 2027 with price talk of Libor plus 400 basis points to 425 bps with a 25 bps leverage-based step-down, a 0.75% Libor floor and an original issue discount of 99, according to a market source.

The incremental first-lien term loan has 101 soft call protection for six months.

Commitments are due at noon ET on Dec. 11, the source added.

The company is also getting a $65 million revolver due December 2025 and a $260 million privately placed second-lien term loan due December 2028.

The second-lien term loan has hard call protection of 102 in year one and 101 in year two.

Jefferies LLC, BofA Securities, Inc., Barclays, UBS Investment Bank, Truist and Mizuho are the bookrunners on the deal.

Proceeds will be used to fund the majority acquisition of the company by Thoma Bravo and will supplement the existing portable first-lien term loan.

Flexera is an Itasca, Ill.-based provider of software that allows software publishers, intelligent device manufacturers and software buyers to install, track, monitor and manage application usage to optimize utilization.

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