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DigiCert finalizes $515 million second-lien term loan at 99.75 OID
By Sara Rosenberg
New York, Feb. 16 – DigiCert Inc. (DCert Buyer Inc.) firmed the original issue discount on its $515 million eight-year second-lien term loan (Caa2/CCC/CCC+) at 99.75, the tight end of the 99.5 to 99.75 talk, according to a market source.
Pricing on the second-lien term loan remained at Libor plus 700 basis points with a 0% Libor floor, and the debt still has call protection of 102 in year one and 101 in year two.
Earlier in syndication, the second-lien term loan was revised from a fungible $130 million incremental second-lien term loan due October 2027 talked at Libor plus 800 bps with a 0% Libor floor and an original issue discount of 99.5, to a fungible $40 million eight-year incremental second-lien term loan plus a $475 million eight-year second-lien term loan to refinance its existing $475 million second-lien term loan due October 2027 priced at Libor plus 800 bps with a 0% Libor floor. The call protection on the debt was revised from 101 through October.
The company is also getting a fungible $427 million incremental first-lien term loan (B2/B-/BB-) due October 2026 priced at Libor plus 400 bps with a 0% Libor floor, in line with existing first-lien term loan pricing, and an issue price of par.
The incremental first-lien term loan has 101 soft call protection for six months.
Previously, the incremental first-lien term loan was upsized from $337 million and the issue price was changed from talk in the range of 99.5 to 99.75.
Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.
Commitments continued to be due at noon ET on Tuesday, the source added.
Proceeds from the incremental debt will be used to fund a shareholder distribution.
DigiCert is a Lehi, Utah-based provider of digital certificates, certificate management solutions and public-key infrastructure solutions.
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