Cornerstone OnDemand, Inc.: Loan Covenant Quality Snapshot
CORPORATES ISSUER IN-DEPTH 4 September 2020 Facility Size; Maturity: Term B: $1,005m; 22 April 2027 Revolver: $150m; 22 April 2025 Incremental: ≤ the greater of $200m and 75% of EBITDA, plus amount so first lien net leverage ratio ≤ 4.25x Pricing: Term B: L + 4.25% / ABR + 3.25% Revolver: L + 4.00% / ABR + 3.00% Floors: Term and Revolver: Eurodollar: 0% SGL Rating: 2 (as of publication date) 1 OwnCornerstone OnDemand is a provider of learning and human capital management software, delivered as Software-as-a-Service. The company's enterprise human capital management platform is composed of four product suites: Recruiting suite, which helps organizations to attract, hire, and onboard employees; Learning suite, which provides learning management software designed to scale with the organization; Performance suite, which provides tools to manage goal setting, performance reviews, and competency assessments, among others; and HR suite, which provides an aggregated view of all employee data with workforce planning, self-service management, and compliance reporting capabilities.
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