Citrix Systems scales back term loan A amount; Covetrus syndication effort tracking well

By Sara Rosenberg

New York, Sept. 12 – In the primary market on Monday, Citrix Systems Inc. (Tibco Software Inc.) decreased the size of its term loan A in favor of a larger secured notes offering.

Citrix Systems reduced its six-year term loan A to $2.5 billion from a most recent amount of $3 billion and an initial size of $3.5 billion, and raised its 6.5-year first-lien secured notes offering to $4 billion from a most recent size of $3.5 billion and an initial amount of $3 billion, a market source remarked.

As reported earlier, the company is also getting a $4.05 billion 6.5-year term loan B that launched with a call last week at talk of SOFR+10 basis points CSA plus 450 bps with a 0.5% floor, an original issue discount of 92 and 101 soft call protection for six months.

Also, talk in the market is that the Covetrus Inc. (Corgi BidCo Inc.) first-lien term loan has been seeing good demand ahead of its commitment deadline next week.

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