N-able cuts spread on $350 million term loan B to Libor plus 300 bps

By Sara Rosenberg

New York, April 16 – N-able Inc. lowered pricing on its $350 million seven-year term loan B (B1/B+) to Libor plus 300 basis points from talk in the range of Libor plus 350 bps to 375 bps, according to a market source.

Also, the original issue discount on the term loan was tightened to 99.75 from 99.5, the source said.

The term loan still has a 0.5% Libor floor and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Recommitments were scheduled to be due at noon ET on Friday, the source added.

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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