No Profits No Problem — Citrix’s “EBITDA Builder Basket”

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No Profits No Problem — Citrix’s “EBITDA Builder Basket”

Brian Dearing's avatar
  1. Brian Dearing
6 min read

This week Citrix started marketing the bond side of its massive debt raise which will finance the merger of Citrix and TIBCO. The total package, amounting to over $12bn (equivalent), will be comprised of $4bn senior secured notes due 2029 (the “SSNs”), $2.5bn TLA, $4,050m TLB, €500m TLB, and a $1bn RCF (full cap table here on 9fin).

Given the sponsor-backed nature of the transaction, it’s no surprise that the documents are on the more aggressive side. However, there is a particularly interesting development in the SSNs that we felt warranted further exploration.

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