LogMeIn talks $750 million seven-year secured notes to yield 5½%-5¾%; pricing Friday

By Paul A. Harris

Portland, Ore., Aug. 13 – LogMeIn, Inc. talked its $750 million offering of seven-year senior secured notes (B1/B-/BB-) to yield 5½% to 5¾%, according to a market source.

Books were expected to close Thursday, and the Rule 144A and Regulation S for life deal is expected to price on Friday.

Joint bookrunner Barclays will bill and deliver. RBC Capital Markets Corp., Deutsche Bank Securities Inc., Jefferies LLC and Mizuho Securities USA Inc. are also joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon. A special call feature allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

Proceeds will be used to fund the buyout of the Boston-based provider of software as a service and cloud-based remote connectivity services by Francisco Partners.

The issuing entity will be Logan Merger Sub, Inc., which is to be merged with and into LogMeIn.

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