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EagleView Technologies Working With Evercore as FA; Lenders Tap Centerview Partners Ahead of August Debt Maturity
EagleView Technologies is working with Evercore as financial advisor, while its lenders have engaged Centerview Partners in the same capacity ahead of the looming $535 million L+350 bps term loan maturity in August, according to sources.
An ad hoc group of lenders organized with Gibson Dunn as legal advisor, Octus, formerly Reorg, reported previously.
The high-resolution aerial imagery and 3D measurement software company, which is jointly owned by Clearlake Capital and Vista Equity Partners, has persistently burned cash and found it increasingly difficult to refinance its debt amid the current interest rate environment, the sources said.
Last year, EagleView received a $30 million fungible incremental loan from its sponsor last year to bolster liquidity, as reported. The company in the past has explored funding options including private credit solutions to refinance its debt.
Moody’s downgraded the company’s credit rating in July last year.
“The company’s decision to convert existing government customers to a subscription-based model, while strategically sound in the long-term, has negatively impacted revenue recognition in the short term and contributed to an increase in financial leverage,” the ratings agency said.
An estimate of the company’s capital structure is shown below:
EagleView’s $535 million first lien term loan due August 2025 was indicated today at 95/96, and the $230 million second lien term loan due 2026 was indicated today at 75/78, according to Solve. A list of CLO lenders to EagleView can be found HERE.
EagleView Technologies, sponsors Clearlake Capital Group and Vista Equity Partners, and Evercore did not respond to requests for comment. Centerview Partners declined to comment.
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