Serrano enters $550 million two-part credit agreement

By Wendy Van Sickle

Columbus, Ohio, May 15 – Serrano Parent, LLC entered into a credit agreement on May 12 with AB Private Credit Investors LLC as administrative agent and collateral agent that provides for an initial $500 million term loan and a $50 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

The new credit agreement occurred on the closing date of a merger agreement under which Sumo Logic, Inc. merged with Serrano Merger Sub, Inc. and Sumo Logic survived as a wholly owned subsidiary of Serrano Parent.

Concurrently with the closing of the merger, Sumo Logic paid all outstanding fees and expenses and terminated all credit commitments under its Feb. 8, 2021 amended and restated loan and security agreement with Silicon Valley Bank as a lender.

Sumo Logic, Inc. is a cloud-based machine data analytics company focusing on security, operations and BI use-cases. It is based in Redwood City, Calif.

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