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N-able launches $350 million term loan B at Libor plus 350-375 bps
By Sara Rosenberg
New York, April 7 – N-able Inc. launched on Wednesday its $350 million seven-year term loan B with price talk of Libor plus 350 basis points to 375 bps with a 0.5% Libor floor and an original issue discount of 99.5, according to a market source.
The term loan has 101 soft call protection for six months, the source said.
The company is also expected to get a $75 million revolver.
JPMorgan Chase Bank is the lead on the deal.
Commitments are due at 5 p.m. ET on April 15.
Proceeds will be used to repay existing debt and for general corporate purposes in connection with the company’s spinoff from SolarWinds.
N-able is a Wakefield, Mass.-based provider of cloud-based software solutions for managed service providers.
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