| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for DigiCert Inc. > News item |
DigiCert reworks first- and second-lien loan sizes, updates pricing
By Sara Rosenberg
New York, Aug. 8 – DigiCert Inc. upsized its seven-year covenant-lite first-lien term loan to $1.65 billion from $1.55 billion and downsized its privately placed second-lien term loan to $475 million from $550 million, according to a market source.
Also, pricing on the first-lien term loan was lowered to Libor plus 400 basis points from Libor plus 425 bps and a step-down was added to Libor plus 375 bps at 6.5x total net leverage, the source said.
In addition, the original issue discount on the first-lien term loan was revised to 99.75 from 99.5.
The first-lien term loan still has a 0% Libor floor and 101 soft call protection for six months.
The company’s now $2.5 billion of credit facilities, up from $2,225,000,000, also include a $125 million revolver.
Credit Suisse Securities (USA) LLC, Jefferies LLC, Macquarie Capital (USA) Inc., UBS Investment Bank, Barclays, Deutsche Bank Securities Inc., Golub and Antares Capital are the lead arrangers on the deal.
Recommitments were scheduled to be due at noon ET on Thursday, the source added.
Proceeds will be used to help fund the buyout of the company by Clearlake Capital Group LP and TA Associates, an existing investor. Clearlake and TA will be equal partners in the company.
With the first-lien term loan upsizing, the equity component for the transaction was reduced by $25 million.
Closing is expected in the second half of this year, subject to customary regulatory approvals and conditions.
DigiCert is a Lehi, Utah-based provider of digital certificates, certificate management solutions and public-key infrastructure solutions.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.