Precisely set to launch repricing for $748M, $606M term loans

A Jefferies-led arranger group has scheduled a lender call for 1 p.m. ET on Thursday, Jan. 21, to launch a repricing transaction for Precisely Inc.'s (formerly known as Syncsort) roughly $747.8 million first-lien term loan and $605.9 million incremental first-lien term loan, according to sources.

Price talk is not yet available for the transaction, but the repricing will consolidate the term loans into a single $1.304 billion first-lien tranche due August 2024 after the company concurrently voluntarily repays $50 million of the term loan.

The issuer's roughly $747.8 million first-lien term loan due August 2024 is priced at L+625, with a 0% Libor floor, and was issued in August 2017 to back the buyout of the company by Centerbridge Partners and Clearlake Capital. The $605.9 million incremental first-lien term loan due August 2024 is priced at L+600, with a 1% Libor floor, and was issued in November 2019 to fund the acquisition of Pitney Bowes' software and data business.

Current first-lien ratings are B-/B2, with a 3 recovery rating from S&P Global Ratings. Corporate ratings are B-/B3, with stable outlooks from Ratings and Moody's. The borrowers are Vision Solutions Inc. and Syncsort Inc.

Precisely is a leader in data integrity, providing data-integrity software and data-enrichment products that deliver accuracy, consistency, and context to power business decisions for 12,000 customers in 100+ countries.

Article amended at 2:06 p.m. ET on Jan. 20, 2021, to reflect correct current pricing of $747.8 million first-lien term loan.