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MRI Software nets new DDTLs, lifts unitranche facility above $2B


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MRI Software nets new DDTLs, lifts unitranche facility above $2B

MRI Software has received $430 million in incremental delayed-draw term loans, boosting the borrower's total unitranche facility to more than $2 billion, sources said. Golub Capital remains administrative agent on the facility.

Of the new debt, Golub Capital is left lead arranger on $250 million of the delayed-draw term loans, or DDTLs, which will enhance the company's liquidity position for future acquisitions, sources said. Antares, Ares and Crescent were joint lead arrangers. Another $180 million DDTL was privately placed by the sponsors to fund an acquisition.

The unitranche facility totaled $2.01 billion pro forma for the incrementals.

MRI Software is a portfolio company of TA Associates, Harvest Partners and GI Partners.

In January, Golub Capital placed a $1.58 billion unitranche financing backing Harvest Partners’ acquisition of a stake in MRI Software. Pricing was finalized at L+550, with 1% LIBOR floor and an OID of 99.

The original facility included a $100 million revolving credit facility, a $1.205 billion first-lien term loan, and a $275 million delayed-draw term loan.

MRI Software, based in Solon, Ohio, is a provider of SaaS-based enterprise software solutions to commercial and residential real estate owners, operators, and investors. The company’s software is used to facilitate processes such as accounting and financial reporting, property and tenant management and investment management.