Blucora, Inc.

Overview

Deal Type Debt Capital Markets
Size $320 Million
Senior Secured Credit Facilities
Client & Transactional Partners Blucora, Inc.
Our Role Joint Lead Arranger
Joint Bookrunner
Syndication Agent

Summary

On January 24, 2023, KeyBanc Capital Markets (KBCM) successfully closed the syndication of $320 million in Senior Secured Credit Facilities (the Facilities) for Blucora, Inc. (Blucora or the Company). The Facilities are composed of a $50 million Revolving Credit Facility and a $270 million Delayed Draw Term Loan. Proceeds from the Facilities will be used to recapitalize Blucora’s go-forward business. KBCM acted as Joint Lead Arranger, Joint Bookrunner, and Syndication Agent on the transaction.

Blucora was founded in 1996, and through organic growth and strategic acquisitions, has become a leading provider of technology enabled financial solutions to consumers, small business owners, and tax professionals. Blucora has, until recently, operated through two business segments: Wealth Management (Avantax) and Tax Software (TaxAct). On November 1, 2022, Blucora announced the sale of its software business, TaxAct, with the intention to rebrand Blucora as Avantax, a pure wealth management firm. The sale was completed as of December 19, 2022. The new standalone entity, Avantax, will be the largest U.S. tax professional-oriented independent broker-dealer.

B I Deal Disclosure

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

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