Symplr wraps upsized $300M add-on 1st-lien term loan at talk; terms

Symplr has completed a $300 million fungible add-on to its covenant-lite first-lien term loan due December 2027 at talk via lead arranger Credit Suisse, according to sources. The loan priced at an original issue discount of 99.75 and is bid at par in the secondary market this morning. Pricing on the existing term loan will transition from Libor to a spread of 450 basis points over the secured overnight financing rate, plus a credit spread adjustment of 10 bps, with a 0.75% floor. Proceeds from the deal, which was upsized by $50 million to decrease a privately placed second-lien term loan to $40 million, will be used to finance the $340 million acquisition of Midas Health Analytics Solutions from Conduent. Symplr is a healthcare governance, risk management and compliance software developer backed by Clearlake Capital Group and Charlesbank Capital Partners.

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