RSA launches upsized $1.05 billion term loan at Libor plus 500 bps

By Sara Rosenberg

New York, June 17 – RSA announced on its lender call that it upsized its seven-year covenant-lite first-lien term loan to $1.05 billion from $1 billion and price talk on the debt is Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 97 to 98, according to a market source.

The first-lien term loan has 101 soft call protection for one year, the source said.

Commitments are due at 5 p.m. ET on June 29.

With the first-lien term loan upsizing, the company downsized its pre-placed second-lien term loan to $300 million from $350 million, the source added. This tranche was placed with a Clearlake-led investor group.

The company’s $1.425 billion of credit facilities also include a $75 million revolver.

UBS Investment Bank, Jefferies LLC, Barclays and Deutsche Bank Securities Inc. provided the debt commitment.

Proceeds will be used to help fund the buyout of the company by a consortium led by Symphony Technology Group, Ontario Teachers’ Pension Plan Board and AlpInvest Partners from Dell Technologies for $2.075 billion.

RSA is a provider of digital risk solutions, including threat detection and response, identity and access management, integrated risk management and omnichannel fraud prevention.

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