Riverbed firms $1.59 billion term loan B at Libor plus 325 bps

By Sara Rosenberg

New York, Dec. 19 – Riverbed Technology Inc. finalized pricing on its $1,585,102,000 senior secured covenant-light term loan B due April 24, 2022 at Libor plus 325 basis points, the low end of the Libor plus 325 bps to 350 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.

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 were scheduled to be due 12:30 p.m. ET on Monday, accelerated from at 5 p.m. ET on Monday, the source added.

Proceeds will be used to reprice an existing 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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