Digi launches $350 million term loan B at Libor plus 400-425 bps

By Sara Rosenberg

New York, Nov. 17 – Digi International Inc. launched on Wednesday its $350 million term loan B (B2/B) due 2028 with price talk of Libor plus 400 basis points to 425 bps with a 0.5% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

BMO Capital Markets is the lead on the deal.

Commitments are due on Dec. 3, the source added.

Proceeds will be used to fund the recently completed $347.4 million acquisition of Ventus Holdings, a Connecticut-based managed network as a service solutions provider, and to repay debt.

Digi is a Hopkins, Minn.-based provider of internet of things connectivity products and services.

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