Sophos launches $380 million add-on term loan B at 99 OID

By Sara Rosenberg

New York, Feb. 16 – Sophos held a lender call at noon ET on Tuesday to launch a fungible $380 million add-on term loan B due March 2027 that is talked with an original issue discount of 99, according to a market source.

Pricing on the add-on term loan is Libor plus 350 basis points with a 0% Libor floor, in line with existing term loan pricing.

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

Goldman Sachs Bank USA, BofA Securities Inc., Barclays, Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc. are the bookrunners on the deal.

Commitments are due at 5 p.m. ET on Monday, the source added.

Proceeds will be used to refinance the company’s existing second-lien term loan due 2028.

Thoma Bravo is the sponsor.

Sophos is an Oxford, U.K.-based provider of next-generation cybersecurity.

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