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Accuvant/FishNet raises incremental first- and second-lien loan sizes
By Sara Rosenberg
New York, May 8 – Accuvant Inc./FishNet Security Inc. upsized its incremental first-lien term loan to $110 million from $100 million and its incremental second-lien term loan to $85 million from $70 million, according to a market source.
Also, the original issue discount on the first-lien term loan was updated to 99.75 from talk of 99.5 to 99.75, the source said.
The second-lien term loan is still offered at a discount of 99.
Pricing on the first-lien term loan is Libor plus 525 basis points with a 1% Libor floor, and pricing on the second-lien term loan is Libor plus 900 bps with a 1% Libor floor.
Commitments were due on Friday, accelerated from Monday, the source added.
Jefferies Finance LLC is the lead arranger on the now $195 million, up from $170 million, in fungible incremental term loans.
Proceeds will be used to fund a distribution to existing shareholders.
Denver-based Accuvant/FishNet is a provider of information security services and solutions.
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