Conga launches amendment to transition term loan B to SOFR

By Sara Rosenberg

New York, June 12 – Conga (Apttus Corp.) launched a negative consent amendment to shift its $555 million term loan B due May 2028 (B3/B-) to SOFR from Libor and add a credit spread adjustment, according to a market source.

The CSA being offered is 10 basis points one-month rate, 15 bps three-month rate and 25 bps six-month rate, the source said.

As a result of the amendment, pricing on the term loan would be SOFR+CSA plus 425 bps, instead of Libor plus 425 bps.

Deutsche Bank Securities Inc. is the lead on the deal.

The amendment deadline is 5 p.m. ET on June 20, the source added.

Conga is a provider of business software platforms for contract, renewal, and revenue management.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.