Cloud Software launches $1 billion term loan at SOFR plus 450 bps

By Sara Rosenberg

New York, March 14 – Cloud Software Group Inc. (Picard Parent Inc.) launched on Thursday a $1 billion seven-year first-lien term loan B that is talked at SOFR plus 450 basis points with a 0.5% floor and an original issue discount of 98.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company shared its fourth quarter and fiscal year 2023 results with lenders on Wednesday so that will serve as the lender call for this capital raise, another source added.

BofA Securities Inc., Goldman Sachs Bank USA, UBS Investment Bank and others are the arrangers on the deal.

Commitments are due at noon ET on Tuesday.

Proceeds will be used to partially repay preferred equity.

Cloud Software, formed in 2022 through the combination of Citrix Systems Inc. and Tibco Software Inc., is a provider of software franchises for and across data, automation, insight and collaboration serving enterprises across private, public, managed and sovereign cloud environments.

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