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RealPage talks $2.75 billion term loan at Libor plus 350-375 bps
By Sara Rosenberg
New York, Feb. 11 – RealPage Inc. launched on Thursday its $2.75 billion seven-year first-lien term loan B with price talk of Libor plus 350 basis points to 375 bps with a 0.75% Libor floor and an original issue discount of 99.5, according to a market source.
The first-lien term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.
Ticking fees on the first-lien term loan are half the margin from days 61 to 90 and the full margin thereafter.
Commitments are due at 5 p.m. ET on Feb. 18, the source added.
The company is also getting a $1 billion second-lien term loan that has been privately placed.
And, based on the commitment letter, the company is expected to get a $250 million revolver.
Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, UBS Investment Bank, Apollo, Barclays, BMO Capital Markets, Deutsche Bank Securities Inc., KKR Capital Markets, Nomura Securities International Inc., RBC Capital Markets, TB Credit, Truist Securities Inc., Wells Fargo Securities LLC and Stone Point are the bookrunners on the deal.
Proceeds will be used to help fund the buyout of the company by Thoma Bravo for $88.75 in cash per share. The transaction is valued at $10.2 billion, including net debt.
Other funds for the buyout will come from $7.36 billion of equity.
Closing is expected in the second quarter, subject to customary conditions, including RealPage shareholder approval, expiration or early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and receipt of other required regulatory approvals.
RealPage is a Richardson, Tex.-based provider of software and data analytics to the real estate industry.
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