MRI finalizes terms of upsized $1.58 billion unitranche facility

By Sara Rosenberg

New York, Jan. 31 – MRI Software upsized its unitranche facility to $1.58 billion from $1.43 billion, according to a market source.

The facility is split between a $100 million revolver, a $1.205 billion first-lien term loan term loan and a $275 million delayed-draw term loan, the source said.

By comparison, at launch the first-lien term loan was sized at $1.23 billion and the delayed-draw term loan was sized at $100 million. The reduction in the first-lien term loan amount was due to the timing of closing for a small acquisition being pushed out by a few weeks.

Pricing on the facility is Libor plus 550 basis points with a 25 bps step-down, a 1% Libor floor and an original issue discount of 99.

Golub Capital is the left lead arranger and administrative agent.

Proceeds are being used to fund Harvest Partners’ purchase of a stake in the company.

Harvest Partners joins existing investors TA Associates and GI Partners as institutional shareholders in MRI. At the same time, TA Associates is also making a significant new investment in the business.

MRI Software is a Solon, Ohio-based provider of real estate software solutions.

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