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Cornerstone Completes Repricing of Term Loan B Facility

SANTA MONICA, Calif. – April 26, 2021 – Cornerstone OnDemand, Inc. (NASDAQ: CSOD), a global leader in people development solutions, today announced it has successfully completed a repricing of its senior secured term loan facility (the “Term Loan B”).

Prior to the repricing, the Term Loan B had an outstanding value of $850 million (the original principal value was $1,005 million) and was repriced to bear interest at LIBOR plus 3.25% with a LIBOR floor of 0%, which represents a 100 basis point reduction compared to the prior interest rate of LIBOR plus 4.25% with a LIBOR floor of 0%. All other material terms of the Term Loan B remain unchanged, including the maturity date of April 22, 2027.After the repricing, the outstanding value of the loan is $830 million.

“We are pleased with the results of this repricing transaction, which we believe to be a reflection of our strong operational performance in 2020 and continued progress towards reducing leverage and enhancing the company’s liquidity position,” said Chirag Shah, Chief Financial Officer, Cornerstone. “At current LIBOR and debt levels, we expect the improved pricing to save approximately $9 million of annual cash interest expense and enhance our ability to invest in key strategic priorities, including growth initiatives and further deleveraging.”

Morgan Stanley acted as Lead Arranger and Bookrunner for the debt repricing.

Forward-looking Statements

The statement in this press release regarding the expected cost savings from the repricing is a forward-looking statement reflecting Cornerstone’s expectation as of the date of this press release. Subsequent events may cause this expectation to change, and Cornerstone disclaims any obligation to update the forward-looking statement in the future, except as required by law. This forward-looking statement is subject to known and unknown risks and uncertainties that may cause actual results to differ materially from Cornerstone’s current expectation. Important factors that could cause actual results to differ materially from those anticipated in this forward-looking statement include, but are not limited to: increases in the LIBOR and/or deviations from the principal payment schedule.

About Cornerstone

Cornerstone powers the future ready workforce, with HR software and solutions designed to unite people, teams, technology and business, and inspire a work environment of growth, agility and success for all. With an AI-powered and skills-forward system designed for the contemporary workforce, we help organizations modernize the learning and development experience, deliver the most relevant content from anywhere, accelerate talent and career mobility, and establish skills as the universal language of growth and success across the business. Cornerstone serves over 6,000 customers and 75M users and is available in 180 countries and 50 languages. https://www.cornerstoneondemand.com/

Investor Relations Contact

Jason Gold

jgold@csod.com

+1 (310) 526-2531

Media Contact

Deaira Irons

dirons@csod.com

+1 (310) 752-0164
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