Riverbed Technology launches $1.59 billion term loan repricing

By Sara Rosenberg

New York, May 17 – Riverbed Technology Inc. launched on Tuesday a $1,585,000,000 first-lien covenant-light term loan due April 24, 2022 with price talk of Libor plus 400 basis points to 425 bps with a 1% Libor floor and a par issue price, according to a market source.

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

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

Proceeds will be used to reprice the existing first-lien term loan due April 24, 2022 from Libor plus 475 bps with a 1% Libor floor.

Commitments are due at 5 p.m. ET on Monday, the source added.

Riverbed is a San Francisco-based application performance infrastructure company.

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