Golub leads US$1bil credit deal for TA carveout

Lawrence Golub, chief executive officer of Golub Capital. — Bloomberg

NEW YORK: Golub Capital led a roughly US$1bil private debt facility to support TA Associates acquisition of Momentive Software, a carveout from Community Brands, according to people with knowledge of the matter.

The deal, which some market participants viewed as aggressively structured, included a roughly US$700mil term loan that equates to about a 70% loan-to-value (LTV), a risk assessment measure that examines the ratio of the loan to the value of the underlying asset, said the people, who asked not to be identified.