Micro Focus seeks to refi 2021 term loan

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By Owen Sanderson
19 Feb 2020

London-listed tech firm Micro Focus is refinancing and extending its term loan 'B' and revolver, with a $1.435bn-equivalent deal across dollars and euros. The company has had a grim year — reflected in the targeted loan margins — with a series of revenue warnings, a sliding share price and subsequent exit from the FTSE100, a failed sale of part of the business, and the departure of its long-serving executive chairman.

The firm will raise at least 500m in each currency, guaranteeing lenders some liquidity, and price talk is 375bp-400bp with an original issue discount (OID) of 99.00 on the dollars and 325bp-350bp with a 99.50 OID on the euros. The B1/BB-/BB- rated loan refinances an existing term loan ...

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