Golub Capital played a leading role in a deal that will enable Hyland Software to refinance its current broadly syndicated debt.
Golub acted as administrative agent, left lead arranger and joint bookrunner on a $3.4 billion unitranche facility for Hyland, the Westlake, Ohio-based Thoma Bravo portfolio company best known for developing OnBase, a suite of enterprise content management and process management software serving global clients in industries including healthcare, higher education and financial services, in addition to government agencies.
The unitranche facility includes a $3.25 billion term loan and a $150 million multi-currency revolver. Hyland plans to use it to refinance an existing first lien loan, second lien loan and revolving credit facility.
“The speed and certainty of working with Golub Capital on this transaction is a testament to the Firm’s depth of unitranche experience and software expertise,” said Erwin Mock, managing director and head of capital markets at Thoma Bravo, which has backed Hyland since 2007.
Direct lender and credit asset manager Golub Capital has completed more than 55 platform and add-on transactions with software and technology companies over the past year, acting as a lead agent in most of these deals. Notable deals include financing Cinven’s acquisition of integrated risk management software provider Archer for an undisclosed amount in June. The New York-based firm recently announced several promotions within its direct lending team to support growth of its sponsor finance platform.