Symphony Technology Group $660 million Avid Technologies acquisition financing
We advised the administrative agent, joint lead arrangers and initial lenders on the acquisition financing
Davis Polk advised the administrative agent, joint lead arrangers and initial lenders in connection with $660 million of senior secured credit facilities, which included a $600 million term loan and a $60 million revolving credit facility, provided to an affiliate of Symphony Technology Group to finance its acquisition of Avid Technologies.
Symphony Technology Group is a private equity firm focused on funding innovative software and software-enabled tech services leaders in the mid-market.
Avid Technologies is a technology and multimedia company that develops digital non-linear editing systems, video editing software, audio editing software, music notation software and management and distribution services. It is headquartered in Burlington, Massachusetts, with operations in North America, South America, Europe, the Middle East, Asia and Australia.
The Davis Polk finance team included partner Sanders Witkow and associates Kendra L. Sandidge and Jonathan Morford. Counsel Ajay B. Lele provided corporate advice. Partner Frank J. Azzopardi provided intellectual property advice. Partner Adam Kaminsky provided ERISA advice. Counsel Michael Comstock provided environmental advice. Counsel Will Schisa provided sanctions advice. Counsel Christopher A. Baratta provided tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.