Cornerstone Completes Repricing of Term Loan B Facility
26 Abril 2021 - 7:00AM
Business Wire
Cornerstone OnDemand, Inc. (NASDAQ: CSOD), a global leader in
people development solutions, today announced it has successfully
completed a repricing of its senior secured term loan facility (the
“Term Loan B”).
Prior to the repricing, the Term Loan B had an outstanding value
of $850 million (the original principal value was $1,005 million)
and was repriced to bear interest at LIBOR plus 3.25% with a LIBOR
floor of 0%, which represents a 100 basis point reduction compared
to the prior interest rate of LIBOR plus 4.25% with a LIBOR floor
of 0%. All other material terms of the Term Loan B remain
unchanged, including the maturity date of April 22, 2027. After the
repricing, the outstanding value of the loan is $830 million.
“We are pleased with the results of this repricing transaction,
which we believe to be a reflection of our strong operational
performance in 2020 and continued progress towards reducing
leverage and enhancing the company’s liquidity position,” said
Chirag Shah, Chief Financial Officer, Cornerstone. “At current
LIBOR and debt levels, we expect the improved pricing to save
approximately $9 million of annual cash interest expense and
enhance our ability to invest in key strategic priorities,
including growth initiatives and further deleveraging.”
Morgan Stanley acted as Lead Arranger and Bookrunner for the
debt repricing.
About Cornerstone Cornerstone is a premier people development
company. We believe people can achieve anything when they have the
right development and growth opportunities. We offer organizations
the technology, content, expertise and specialized focus to help
them realize the potential of their people. Featuring comprehensive
recruiting, personalized learning, modern training content,
development-driven performance management and holistic employee
data management and insights, Cornerstone’s people development
solutions are used by more than 6,000 customers of all sizes,
spanning more than 75 million users across over 180 countries and
nearly 50 languages. Learn more at
https://www.cornerstoneondemand.com/.
Forward-looking Statements The statement in this press release
regarding the expected cost savings from the repricing is a
forward-looking statement reflecting Cornerstone’s expectation as
of the date of this press release. Subsequent events may cause this
expectation to change, and Cornerstone disclaims any obligation to
update the forward-looking statement in the future, except as
required by law. This forward-looking statement is subject to known
and unknown risks and uncertainties that may cause actual results
to differ materially from Cornerstone’s current expectation.
Important factors that could cause actual results to differ
materially from those anticipated in this forward-looking statement
include, but are not limited to: increases in the LIBOR and/or
deviations from the principal payment schedule.
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version on businesswire.com: https://www.businesswire.com/news/home/20210426005113/en/
Investor Relations Contact: Jason Gold, Cornerstone
jgold@csod.com Media Contact: Deaira Irons, Cornerstone
dirons@csod.com
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