Ivanti lifts incremental term loan to $45 million, sets discount at 99

By Sara Rosenberg

New York, June 27 – Ivanti Software Inc. upsized its fungible senior secured covenant-light incremental first-lien term loan B due Jan. 20, 2024 to $45 million from $40 million and firmed the original issue discount at 99, the wide end of the 99 to 99.5 talk, according to a market source.

Pricing on the incremental loan is Libor plus 425 basis points with a 1% Libor floor.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Proceeds will be used for general corporate purposes, including to partially fund the acquisition of Project Ranger.

Ivanti, formerly known as LANDesk Software Group Inc., is a South Jordan, Utah-based user-centered IT management company.

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