(Bloomberg) -- Citrix Systems Inc. parent Cloud Software Group Inc. tapped investors for the third time in six months to repay more expensive obligations, the latest in a flood of riskier borrowers taking advantage of benign credit conditions to raise cash.

The private equity-owned company upsized its offering twice from an initially targeted $1 billion to sell $1.8 billion of eight-year bonds, according to a person with knowledge of the matter who asked not to be named because the information is private. The notes priced at par to yield 8.25%, the person said. 

Cloud Software will use a portion of the proceeds to prepay $415 million of credit facilities, with the rest going toward general corporate purposes for potential uses including the redemption of preferred equity later this year, the person said. 

The firm, its owners Elliott Investment Management and Vista Equity Partners, and UBS —which led the debt sale — didn’t respond to requests for comment Wednesday. 

The notes carry a three-year non-call provision, but also include a number of special features, including one that allows the debt to be redeemed during the period should the company go public.

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Cloud Software is among borrowers that are storming primary markets amid robust investor demand for corporate debt following dovish commentary from the Federal Reserve and softer economic data in recent days. 

High-yield bond spreads remain below 300 basis points and yields are under 8%, giving borrowers favorable pricing. This week has seen the most junk-rated note sales since November 2021, according to data compiled by Bloomberg.

Before Wednesday’s debt sale, Cloud Software tapped the leveraged loan market twice in the past six months, most recently in March when it sold a $1 billion loan at the tight end of price talk to repay preferred equity. That followed a November deal of the same size.

There are 15 leveraged loans with commitments due Thursday. 

Cloud Software’s one-day drive-by bond sale underscores how much the market’s perception of the firm has improved in recent years. Banks provided a $15 billion financing package to fund its 2022 buyout, only to get stuck holding the debt on their balance sheets when market sentiment soured. They ultimately offloaded it at a steep discounts to lure buyers.

(Adds pricing details in the second paragraph, high-yield sales in the seventh paragraph and loan activity in the ninth paragraph.)

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