Trimble gets $1.2 billion bridge loan commitment for Viewpoint buy

By Sarah Lizee

Olympia, Wash., April 24 – Trimble Inc. obtained a commitment letter with JPMorgan Chase Bank, NA, Goldman Sachs Bank USA, Bank of America, NA and Merrill Lynch, Pierce, Fenner & Smith Inc. that provides for a $1.2 billion bridge loan facility and, in the case of JPMorgan, a $1 billion backstop revolving credit facility.

The company entered into the commitment letter on Monday in connection with the company’s planned acquisition of Viewpoint, Inc. from Bain Capital Private Equity, LP in an all-cash transaction valued at $1.2 billion, according to an 8-K filing with the Securities and Exchange Commission.

Trimble also entered into a commitment letter on Monday with JPMorgan, Goldman Sachs, Bank of America and Merrill Lynch for an up to $500 million delayed-draw term loan facility.

The delayed-draw would reduce commitments under the bridge commitment letter, and a portion of the revolving credit facility in a total principal amount of up to $1.25 billion, which would refinance and replace Trimble’s existing five-year credit agreement dated Nov. 24, 2014 with JPMorgan as administrative agent.

Trimble is a Sunnyvale, Calif., technology company.

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