Clearlake’s Newfold Finalizes Terms for $100 Million Financing

Newfold Digital, a web services provider backed by private equity firms Clearlake Capital Group and Siris Capital Group, will secure $100 million in financing through a liability management transaction intended to reduce its leverage and prop up its liquidity.

Existing lenders, including Blackstone Inc., GoldenTree Asset Management and Pacific Investment Management Co. will also participate, according to a person familiar with the matter, who asked not to be named discussing private information. The financing will price at 5.75 percentage points over benchmark, the person said. Under the terms, lenders agreed to extend maturities on some of the company’s existing debt out to 2029 and discount other debt while winning stricter lending covenants in return.