Exact Software allocates €450 million covenant-lite term loan B

By Sara Rosenberg

New York, April 10 – Exact Software (Precise Bidco BV) allocated on Wednesday its €450 million seven-year covenant-lite term loan B (B2/B), according to a market source.

Pricing on the loan is Euribor plus 425 basis points with a 0% floor, and it was issued at par.

The term loan has 101 soft call protection for six months.

During syndication, the spread on the term loan firmed at the low end of the Euribor plus 425 bps to 450 bps talk, and the issue price firmed at the narrow end of revised talk of 99.75 to par and tight of initial talk of 99.5.

HSBC and KKR Capital Markets are the global coordinators on the deal, and Credit Agricole CIB is a joint bookrunner. Wilmington Trust is the administrative agent.

Proceeds will be used to help fund the buyout of the company by KKR from Apax Partners.

Exact Software is a Delft, the Netherlands-based provider of business and accounting software.

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