Symplr upsizes incremental 1st-lien term loan to $80M; recommitments due today

Symplr has upsized its incremental first-lien term loan to $80 million, from $65 million, and eliminated a planned $15 million add-on to its second-lien term loan that was to be privately placed, according to sources. Recommitments to the Credit Suisse-led deal are due today by 10 a.m. ET.

The add-on is offered at par and will be fungible with the existing covenant-lite first-lien term loan due December 2027 that is priced at L+450, with a 0.75% Libor floor. The loan will continue to be covered by the existing 101 soft call protection that runs through June 2021.

Proceeds from the deal will be used to finance the acquisition of Phynd Technologies.

Symplr in November 2020 placed the existing $680 million first-lien term loan, along with a privately placed $250 million second-lien term loan due 2028, to finance an acquisition and refinance debt. Note that pricing on the TLB includes a 25-basis-point margin step-down at 0.5x inside closing net first-lien leverage.

Current facility ratings are B/B2, with a 2 recovery rating from S&P Global Ratings. Corporate ratings are B-/B3.

Symplr is a governance, risk management and compliance software developer backed by Clearlake Capital Group and SkyKnight Capital.