(Bloomberg) -- Citrix Systems Inc. parent Cloud Software Group Inc. is poised to save millions of dollars in annual interest costs from its planned $4.1 billion repricing of a leveraged loan.

The company is looking to pay down a 2022 loan by $915 million and reprice the rest, according to a person familiar with the matter who asked not to be named because the information is private. Some of the repayment funds will come from the $1.8 billion bond that Cloud Software sold Wednesday, the person added.

The margin is looking to be cut by 50 basis points to 400 basis points over the Secured Overnight Financing Rate, and the deal is being offered at par, the person said. At such a margin cut, Cloud Software could save upwards of $20 million a year in interest expenses, according to Bloomberg calculations. 

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Bank of America Corp. is leading the transaction and commitments are due May 13 at 5 p.m. New York time, the person said. A spokesperson for the bank declined to comment while Cloud Software and its owners Elliott Management and Vista Equity Partners didn’t immediately respond.

This week has seen a surge of activity in US debt markets. It’s been the busiest three days for both the high-yield and investment-grade dollar bond markets since 2021, and there are 15 leveraged loans with commitments due Thursday, after a $25 billion burst of deal launches. 

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