Datasite cuts U.S. loan to $300 million, adds €90 million tranche

By Sara Rosenberg

New York, April 28 – Datasite (Mermaid Bidco Inc.) downsized its fungible U.S. add-on term loan B (B2/B-) due December 2027 to $300 million from $400 million and added a fungible €90 million add-on term loan B due December 2027 to its transaction, according to a market source.

Pricing on the U.S. add-on term loan was unchanged at SOFR plus 450 basis points with a 25 bps step-down at 3.25x net senior leverage, a 0.75% floor and an original issue discount of 98.

The add-on euro term loan is priced at Euribor plus 375 bps with a 25 bps step-down at 3.25x net senior leverage and a 25 bps step-down at 2.75x net senior leverage, a 0% floor and an original issue discount of 95.

Both term loans are getting 101 soft call protection for six months.

JPMorgan Chase Bank, Jefferies LLC, Deutsche Bank Securities Inc. and MUFG are the bookrunners on the deal.

Recommitments were scheduled to be due at 11:30 a.m. ET on Friday, the source added.

Proceeds will be used to refinance a $364 million HoldCo PIK note, for general corporate purposes and to pay transaction fees, costs and expenses.

In connection with this transaction, the company will shift and increase pricing on its existing roughly $360 million term loan to SOFR plus 450 bps with a 0.75% floor from Libor plus 375 bps with a 0.75% floor.

CapVest is the sponsor.

Datasite is a Minneapolis-based secure content collaboration platform for enterprise and advisory customers.

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