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Conga finalizes $565 million term loan at Libor plus 425 bps
By Sara Rosenberg
New York, April 28 – Conga (Apttus Corp.) firmed pricing on its $565 million seven-year covenant-lite first-lien term loan (B3/B-/BB) at Libor plus 425 basis points, the high end of the Libor plus 400 bps to 425 bps talk, and added a 25 bps step-down at 3.4x first-lien net leverage, according to a market source.
Also, the MFN was reduced to 50 bps for 12 months, and under incremental facilities, the inside maturity basket was reduced to the greater of $57.5 million and 50% of EBITDA and the reallocation of general debt basket was removed, the source said.
In addition, step-downs were eliminated from the asset sale sweep, uncapped restricted payments (dividends) are subject to a 4.5x total net leverage ratio, uncapped junior debt prepayments are subject to a 4.5x total net leverage ratio, the debt includes “J.Crew” blocker and “Chewy” protection, the look-forward period under consolidated EBITDA pro forma cost savings addback was revised to 24 months, and quarterly management discussion and analysis and annual lender calls are now required.
The term loan still has a 0.75% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.
Deutsche Bank Securities Inc., BofA Securities Inc., Barclays, Citigroup Global Markets Inc. and Morgan Stanley Senior Funding Inc. are the bookrunners on the deal.
Recommitments were scheduled to be due at 11 a.m. ET on Wednesday, the source added.
Proceeds will be used to repay $565 million of existing borrowings.
Conga is a San Mateo, Calif.-based provider of a cloud-based software platform that digitally transforms revenue operations.
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