TIBCO Software completes $1.415B term loan for Blue Prism deal; terms

Investors on Oct. 22 received allocations of the $1.415 billion non-fungible first-lien term loan that finances the acquisition of Blue Prism Group by TIBCO Software Inc., according to sources. Pricing of the covenant-lite term loan due June 2026 was finalized wide of talk at L+400, with a 0.50% Libor floor and an original issue discount of 98. The loan is being issued under a separate credit agreement by borrower Bali Finco Inc., but will be pari passu with TIBCO's existing first-lien debt. Nomura was left lead arranger on the deal. Vista Equity is acquiring U.K.-based Blue Prism Group PLC in a deal valued at £1.1 billion, equivalent to about $1.5 billion, and plans to merge the business with TIBCO, an existing portfolio company. TIBCO's existing debt includes a covenant-lite first-lien term loan due June 2026 (L+375, 0% floor) as well as a second-lien term loan due March 2028 (L+775, 0% floor). TIBCO provides infrastructure and business intelligence software. Blue Prism provides robotic process automation software.

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