Guggenheim participates in software refinancing

The firm has provided a refinancing package to UK-based software firm Causeway.

Guggenheim Investments, the asset management arm of Guggenheim Partners, has provided the majority of a new financing package to UK-based software servicing firm Causeway.

According to a company announcement, the refinancing consists of a £40.5 million ($51.5 million; €46 million) facility, £38 million of which was provided by Guggenheim.

The facility also has a provision allowing for a further £50 million in financing to be raised. That incremental financing may be used to support organic growth and potential acquisition opportunities which might arise.

Further terms of the financing could not be determined by time of publication. Guggenheim did not participate in the initial financing of Causeway.   

Joe McCurdy, head of origination in Guggenheim's corporate credit group, told PDI this deal is typical for the firm. The firm pursues first lien, second lien, unitranche and other structured products across the US and Europe, with a mix of direct, club and anchor deals. Guggenheim announced recently it had deployed close to $1.4 billion in capital during the first quarter of 2017. 

McCurdy declined to say how the deal will impact the performance of Guggenheim's direct lending platform. 

A spokesman for Guggenheim did not return calls seeking additional comment by time of publication.