Precisely nets committed debt for acquisition by Clearlake, TA Associates

Precisely, formerly known as Syncsort Inc., announced today that it has entered into a definitive agreement for Clearlake Capital and TA Associates to acquire a majority share of the company for an undisclosed amount, according to a press release.

J.P. Morgan, BofA Securities, Barclays, Credit Suisse, Goldman Sachs, Jefferies and Morgan Stanley are arranging the debt financing backing the acquisition. Terms of the transaction were not disclosed, but Centerbridge Partners, currently the majority shareholder of the company, will retain a minority equity stake.

The issuer currently has a $1.304 billion covenant-lite first-lien term loan due August 2024 (L+475, 0.75% Libor floor). The issuer repriced its $747.8 million term loan and $605.9 million term loan in January 2021 and combined the facilities into a single tranche. The term loan is currently quoted at 100.125/100.625. The borrowers were Vision Solutions Inc. and Syncsort Inc.

The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions and regulatory approvals. Goldman Sachs and Jefferies acted as joint financial advisors for Precisely, while Evercore, BofA Securities, Barclays and J.P. Morgan acted as financial advisor to Clearlake and TA Associates.

Precisely provides data-integrity software and data enrichment products.