Riverbed Technology plans $2.25 billion loans and bonds for buyout

By Sara Rosenberg

New York, Jan. 8 – Riverbed Technology expects to get a $1,625,000,000 senior secured first-lien credit facility and up to $625 million of unsecured notes to help fund its acquisition by Thoma Bravo LLC and Teachers’ Private Capital, according to a PREM14A with the Securities and Exchange Commission late Wednesday.

The notes are backed by a commitment for a $625 million senior unsecured bridge loan.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Barclays and Morgan Stanley Senior Funding Inc. are the lead banks on the debt.

Other funds for the transaction will come from about $1.4 billion of equity.

Under the agreement, Riverbed is being purchased for $21.00 per share in cash, or a total of about $3.6 billion.

Closing is expected in the first half of 2015, subject to stockholder approval, regulatory approvals and other customary conditions. There are no financing conditions for the transaction.

Riverbed is a San Francisco-based technology company that specializes in improving the performance of networks and networked applications.

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