Hyland Software launches $80 million term loan at Libor plus 475 bps

By Sara Rosenberg

New York, Feb. 17 - Hyland Software held a call on Friday to launch an $80 million incremental first-lien term loan (B2) that is talked at Libor plus 475 basis points with a 1.25% Libor floor and an original issue discount of 98, according to a market source.

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

Proceeds will be used to fund a dividend.

In connection with the transaction, the company is looking to amend its existing credit facility to allow for the dividend.

Consenting term loan lenders will get repriced from Libor plus 425 bps with a 1.5% Libor floor to match the incremental loan pricing, the source remarked.

Lenders are being offered a 20 bps amendment fee.

Commitments/consents are due on Feb. 24.

Hyland Software is a Westlake, Ohio-based enterprise content management software vendor.

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