Tibco ups spread on $1.42 billion term loan to Libor plus 400 bps

By Sara Rosenberg

New York, Oct. 21 – Tibco Software Inc. (Bali Finco Inc.) increased pricing on its non-fungible $1.415 billion covenant-lite first-lien term loan (B2/B-) due June 2026 to Libor plus 400 basis points from Libor plus 375 bps, according to a market source.

Also, the Libor floor on the term loan was revised to 0.5% from 0% and the 101 soft call protection was extended to one year from six months, the source said.

Furthermore, ticking fees were added to the term loan of half the spread from days 31 to 60 and the full spread thereafter.

The term loan still has original issue discount talk of 98 to 98.5.

Nomura, Jefferies LLC, KKR Capital Markets, Macquarie Capital (USA) Inc. and Oak Hill Advisors are the lead arrangers on the deal. Nomura is the administrative agent.

Recommitments are due at noon ET on Friday, the source added.

Proceeds will be used to help fund the acquisition of Blue Prism Group plc for £11.25 per share, or £1.1 billion, and to pay fees and expenses.

The company’s existing first-lien term loan due June 2026 is priced at Libor plus 375 bps with a 0% Libor floor.

Tibco, a Vista Equity portfolio company, is a Palo Alto, Calif.-based infrastructure and business intelligence software company. Blue Prism is a U.K.-based provider of intelligent automation for the enterprise.

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