Digital River sets Jan. 21 launch for $345 million credit facility

By Sara Rosenberg

New York, Jan. 9 – Digital River Inc. scheduled a bank meeting for Jan. 21 to launch its proposed $345 million senior secured credit facility, according to a market source.

Macquarie Capital (USA) Inc. is the bookrunner on the deal.

The facility consists of a $10 million revolver, a $255 million first-lien term loan and an $80 million second-lien term loan that was pre-sold.

Proceeds will be used to help fund the buyout of the company by Siris Capital Group LLC for $26.00 per share in cash, or about $840 million.

Other funds for the transaction will come from up to $328.9 million in equity.

Closing is expected this quarter, subject to customary conditions, including the receipt of shareholder approval and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.

Digital River is a Minneapolis-based provider of commerce-as-a-service solutions.

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