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Datto cuts spread on $550 million term loan to Libor plus 425 bps
By Sara Rosenberg
New York, March 29 – Datto Inc. reduced pricing on its $550 million seven-year covenant-lite first-lien term loan (B2/B) to Libor plus 425 basis points from talk in the range of Libor plus 475 bps to 500 bps, according to a market source.
Also, the original issue discount on the term loan was tightened to 99.5 from 99, the source said.
The term loan still has a 0% Libor floor and 101 soft call protection for six months.
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc. and J.P. Morgan Securities LLC are the lead banks on the deal.
Recommitments were scheduled to be due at 11 a.m. ET on Friday, the source added.
Proceeds will be used to refinance existing debt.
Datto is a Norwalk, Conn.-based provider of data protection and IT solutions to small and medium-sized businesses.
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