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Conga relaunches amendment to transition term loan B to SOFR
By Sara Rosenberg
New York, June 21 – Conga (Apttus Corp.) relaunched the negative consent amendment to shift its $555 million term loan B due May 2028 (B3/B-) to SOFR from Libor, this time with CSA of 11.448 basis points one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate, according to a market source.
The CSA previously offered was 10 bps one-month rate, 15 bps three-month rate and 25 bps six-month rate.
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 28, the source added.
Conga is a provider of business software platforms for contract, renewal, and revenue management.
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