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DigiCert discloses first- and second-lien term loan price talk
By Sara Rosenberg
New York, Sept. 7 – DigiCert Holdings Inc. released price talk on its $300 million first-lien term loan B-1 (B+/BB+) due Dec. 31, 2020, $900 million seven-year first-lien term loan B-2 (B+/BB+) and $300 million eight-year second-lien term loan (CCC+/BB-) in connection with its bank meeting on Thursday, according to a market source.
The term loan B-1 is talked at Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99.5, the term loan B-2 is talked at Libor plus 500 bps with a 1% Libor floor and a discount of 99, and the second-lien term loan is talked at Libor plus 850 bps with a 1% Libor floor and a discount of 99, the source said.
Both the term loan B-1 and B-2 have 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.
The company’s $1.59 billion of senior secured credit facilities also include a $90 million revolver (B+/BB+).
UBS Investment Bank, Credit Suisse Securities (USA) LLC, Jefferies LLC, Macquarie Capital (USA) Inc. and Goldman Sachs Bank USA are the leads on the deal.
Commitments are due on Sept. 21, the source added.
Proceeds will be used to fund the acquisition of Symantec Corp.’s Website Security and related PKI solutions.
Under the agreement, Symantec will receive about $950 million in upfront cash proceeds and around a 30% stake in the common stock equity of the DigiCert business at the closing of the transaction.
Closing is expected in the third quarter of fiscal 2018, subject to customary conditions.
DigiCert is a Lehi, Utah-based provider of scalable security solutions.
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