Riverbed expected to bring $625 million bonds during February via Citi

By Paul A. Harris

Portland, Ore., Feb. 12 – Riverbed Technology Inc. is expected to bring $625 million of senior notes (Caa1/CCC+) before the end of February, according to a market source.

Citigroup Global Markets will lead the deal, the source added.

A leveraged loan is in the market ahead of the bond deal.

The Riverbed $1,625,000,000 senior secured credit facility features a $1,525,000,000 term loan via Credit Suisse Securities (USA) LLC, Citigroup, Barclays and Morgan Stanley Senior Funding Inc., which launched at a Thursday bank meeting.

Proceeds from the bonds and bank debt will be used to help fund the leveraged buyout of the company by Thoma Bravo LLC and Teachers’ Private Capital for $21 per share in cash, or a total of about $3.6 billion.

Other funds for the transaction are expected to come from about $1.4 billion of equity.

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

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