Leap Legal, which sells practice management software to law firms, is ready to bring back about $400 million from its trip to debt capital markets.
Street Talk understands Leap Legal locked in a lender syndicate on Monday evening, which included a handful of Australian superannuation funds. It was looking to settle the deal this week, after a final round of conversations last week.
ATI Global, which owns Leap Legal and InfoTrack, is a frequent visitor to the debt capital markets, tapping the $A Term Loan B market a few times in the past.
But the latest deal was just for Leap Legal, which would use a slice of the proceeds put towards potential acquisitions in the United Kingdom and United States.
The transaction was structured as a first-lien loan with a five-year maturity.
Over the years, ATI Global’s put its debt capital markets needs through Goldman Sachs. The investment bank’s long-time head of its Australia/New Zealand financing group, Chris Championrecently crossed over to the family office of Leap Legal’s founder and Rich Lister, Christian Beck.
ATI Global made $121 million operating profit and $586 million revenue in the 2021 financial year. It had a $14.7 million after-tax loss.