Tibco Software to sell $950 million seven-year notes to help fund LBO

By Paul A. Harris

Portland, Ore., Nov. 5 – Tibco Software Inc. plans to sell $950 million of seven-year senior notes (Caa2/CCC), according to a market source, who added that timing on the deal has not yet been announced.

J.P. Morgan Securities LLC and Jefferies LLC are the joint bookrunners.

In addition to the bonds, the company is putting in place a $1.78 billion credit facility scheduled to launch on Thursday.

Proceeds, along with equity, will be used to fund the buyout of the company by Vista Equity Partners for $24.00 per share in cash, or a total of about $4.3 billion, including the assumption of net debt.

Financing also includes a $300 million secured one-year asset-sale bridge loan.

Tibco is a Palo Alto, Calif.-based infrastructure and business intelligence software company.

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