Riverbed firms $1.59 billion term loan repricing at Libor plus 400 bps

By Sara Rosenberg

New York, May 24 – Riverbed Technology Inc. finalized pricing on its $1,585,000,000 first-lien covenant-light term loan due April 24, 2022 at Libor plus 400 basis points, the low end of the Libor plus 400 bps to 425 bps talk, according to a market source.

The term loan still has a 1% Libor floor, a par issue price and 101 soft call protection for six months.

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.

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

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