Veeam Software talks $1.25 billion term loan B at Libor plus 375 bps

By Sara Rosenberg

New York, Feb. 7 – Veeam Software is talking its $1.25 billion seven-year term loan B (B-) at Libor plus 375 basis points with a 25 bps step-down at 0.5x inside closing net first-lien leverage, a 0% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan, which launched with a bank meeting on Thursday, has 101 soft call protection for six months, the source said.

J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., Ares Management, BofA Securities Inc., Golub Capital and Antares Capital provided the financing commitment.

Commitments are due at 5 p.m. ET on Feb. 18.

Proceeds will be used to help fund the buyout of the company by Insight Partners.

Closing is expected this quarter.

Veeam Software is a provider of backup solutions that deliver cloud data management. The company is based in Baar, Switzerland, but will become a U.S. company with this transaction.

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