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McAfee/FireEye prices $175 million second-lien term loan at 99 OID
By Sara Rosenberg
New York, July 28 – McAfee Enterprise/FireEye Products priced its fungible $175 million pre-placed second-lien term loan (Caa2/CCC+) with an original issue discount of 99, according to a market source.
Pricing on the second-lien term loan is Libor plus 825 basis points with a 0.75% Libor floor.
As previously reported, the company is also getting a fungible $925 million incremental first-lien term loan B (B2/B-) due 2028 priced at Libor plus 500 bps with a 0.75% Libor floor and an original issue discount of 99.5.
During syndication, the discount on the first-lien term loan firmed at the tight end of the 99 to 99.5 talk.
UBS Investment Bank, Jefferies LLC, BofA Securities Inc., HSBC Securities (USA) Inc. and KKR Capital Markets are the joint lead arrangers on the deal.
Proceeds will be used to help fund the acquisition of FireEye Products by a consortium led by Symphony Technology Group for $1.2 billion from FireEye Inc.
Symphony Technology Group intends to combine FireEye Products with McAfee Enterprise.
Closing on the FireEye acquisition is expected by the end of the fourth quarter, subject to regulatory approvals and customary conditions.
McAfee Enterprise is a provider of device-to-cloud cybersecurity solutions. FireEye Products is a provider of network, e-mail, endpoint and cloud security products.
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