TMF Group’s A&E pitch is backed by high non-discretionary recurring revenues, a sticky customer base with high barriers to entry. Some buysiders, however, question if the price is right for the strained cashflows that will have to carry double the interest burden they were used to and dusty documentation in need of a retouch. 

TMF (B2/B) is proposing to extend its debt to take out the €200m second-lien tranche, repay €20m of drawings on its revolving credit facility and to fund merger and acquisition activities. 9fin first reported on 13 April that the borrower was planning to tap the market with a refi.