Texas-based software-as-a-service (SaaS) company Thryv Holdings is looking for $350m in funding to refinance syndicated debt due to mature in December 2026, having already held discussions with private credit lenders, according to a report by Bloomberg.
The report cites people familiar with the matter in revealing that Citizens Bank is advising on the transaction and quotes Cameron Lessard, Assistant Vice President of Treasury, Corporate Development and Investor Relations at Thryv: “In our fourth quarter 2023 earnings call, we publicly stated our intention to explore refinancing options for our outstanding credit facility to proactively address the maturity date in 2026.”
Thryv has reduced its total borrowings from $700m to $300m as a result of mandatory amortisation payments of $17.5m per quarter, while the SaaS company’s remaining debt requires interest payments of 8.5 percentage points over the Secured Overnight Financing Rate, according to a filing seen by Bloomberg.
In Q4 2023, Thryv reported EBITDA of $52.3m from $68.2m in Q4 2022.
According to Moody’s, Thryv’s corporate family rating is B3 and its outlook was raised from stable to positive in February this year.
Thryv was founded in 2013 through a merger of yellow pages publishers Dex One and SuperMedia and operates across the US.
