SonicWall launches $725 million term loan at SOFR plus 475-500 bps

By Sara Rosenberg

New York, Aug. 3 – SonicWall Inc. launched on its lender call a $725 million first-lien term loan due May 2028 that is talked at SOFR plus 475 basis points to 500 bps with a 0.5% floor and an original issue discount of 97, according to a market source.

The term loan has 101 soft call protection for six months.

UBS Investment Bank is the left lead arranger on the deal.

Proceeds will be used to amend and extend by three years an existing first-lien term loan, to refinance a portion of the company’s existing second-lien term loan and to pay associated premiums, fees and expenses.

There is a cashless roll option for existing lenders.

Commitments/consents are due at 3 p.m. ET on Aug. 14, the source added.

The borrowers are SonicWall US Holdings Inc. and SonicWall International LLC.

SonicWall is a Milpitas, Calif.-based provider of network security solutions focused on securing mid-market enterprises as well as campus and distributed networks.

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