Quorum Software, a provider of oil and gas industry software, and a portfolio company of PE firm Thoma Bravo, has successfully refinanced its debt at more favourable terms due to overwhelming interest from private credit lenders, according to a report by Bloomberg.
The report cites unnamed individuals familiar with the matter as revealing that direct lenders offered over six times the $865m the company sought, reflecting strong demand in the private credit market.
The company closed the $865m unitranche loan in early November, replacing existing debt at lower costs. The loan carries an interest rate of 4.75 percentage points over the Secured Overnight Financing Rate (SOFR) with an original issue discount of 99.5 cents on the dollar. Initial discussions had set the terms at 5 percentage points over SOFR and a 99-cent discount. The refinancing package also includes an $85m revolving credit facility.
The lender group, led by Apollo Global Management, included Ares Management Corp, Blackstone Inc, Antares Capital, Carlyle Group Inc, Goldman Sachs Asset Management, and others.
