Riverbed launches $1.59 billion term loan B at Libor plus 325-350 bps

By Sara Rosenberg

New York, Dec. 13 – Riverbed Technology Inc. held a lender call at 3 p.m. ET on Tuesday to launch a repricing of its $1,585,102,000 senior secured covenant-light term loan B (B1/B) due April 24, 2022 that is talked at Libor plus 325 basis points to 350 bps with a 1% Libor floor and a par issue price, according to a market source.

The repriced term loan has 101 soft call protection for six months and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc., Barclays, Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the joint lead arrangers and bookrunners on the deal.

Consents/commitments are due at 5 p.m. ET on Monday, the source added.

The repricing will take the term loan down from Libor plus 400 bps with a 1% Libor floor.

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

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