RSA Security readies launch of $2 billion of term loans for Monday

By Sara Rosenberg

New York, April 1 – RSA Security LLC is scheduled to hold a lender call on Monday to launch $2 billion of term loans, according to a market source.

The debt is split between a $1.114 billion seven-year first-lien term loan, a $436 million delayed-draw first-lien term loan, a $286 million eight-year second-lien term loan and a $164 million delayed-draw second-lien term loan, the source said.

JPMorgan Chase Bank, Morgan Stanley Senior Funding Inc., Goldman Sachs Bank USA, UBS Investment Bank, BofA Securities Inc., Barclays and Jefferies LLC are the leads on the deal, with JPMorgan the left lead on the first-lien and Morgan Stanley the left lead on the second-lien.

Commitments are due at 5 p.m. ET on April 15, the source added.

Proceeds will be used to support a new equity investment from Clearlake Capital Group LP. With this investment, Clearlake will become an equal partner with Symphony Technology Group, which initially acquired the business in 2020 alongside Ontario Teachers’ Pension Plan Board from Dell Technologies. Ontario Teachers’ will remain a significant minority shareholder.

Closing is expected in the second quarter, subject to regulatory approvals.

RSA is a Bedford, Mass.-based provider of mission critical cybersecurity software and governance risk and compliance management software solutions to enterprises.

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