symplr shifts funds between first- and second-lien term loans

By Sara Rosenberg

New York, Feb. 1 – symplr Software Inc. upsized its fungible incremental covenant-lite first-lien term loan due December 2027 to $300 million from $250 million and downsized its privately placed second-lien term loan to $40 million from $90 million, according to a market source.

Pricing on the incremental first-lien term loan remained at SOFR+10 basis points CSA plus 450 bps with a 0.75% floor and an original issue discount of 99.75.

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

Recommitments were scheduled to be due at 3:30 p.m. ET on Tuesday, the source added.

Proceeds will be used to fund the acquisition of Midas Health Analytics Solutions from Conduent Inc.

Closing is expected this quarter, subject to customary conditions and regulatory approvals.

With this transaction, pricing on the company’s existing first-lien term loan will transition to SOFR+10 bps CSA plus 450 bps with a 0.75% floor from Libor plus 450 bps with a 0.75% Libor floor.

symplr is a Houston-based provider of health care governance, risk and compliance software solutions. Midas is a provider of clinical and analytics transformation software solutions.

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