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


Deep Dive

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.

Read all our public content for free

We won't spam. You can unsubscribe at any time.

What are you waiting for?

Try it out
  • We're trusted by 9 of the top 10 Investment Banks

Cookies & Privacy

We would like to use cookies to improve our service. Is that ok?