Hyland Software launches $100 million tack-on first-lien term loan

By Sara Rosenberg

New York, April 27 – Hyland Software Inc. held a lender call at 3 p.m. ET on Monday to launch a $100 million tack-on first-lien covenant-light term loan due February 2021, according to a market source.

Credit Suisse Securities (USA) LLC and Goldman Sachs Bank USA are the lead banks on the deal.

The tack-on loan is talked at Libor plus 375 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing, and an original issue discount of 99½, the source said.

All of the first-lien term loan debt will get 101 soft call protection for six months.

Commitments are due at noon ET on May 4, the source added.

Proceeds will be used to fund a distribution to shareholders.

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

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