SonicWall trims term loan to $650 million, firms at SOFR plus 500 bps

By Sara Rosenberg

New York, Aug. 16 – SonicWall Inc. downsized its first-lien term loan due May 2028 to $650 million from $725 million and set pricing at SOFR plus 500 basis points, the high end of the SOFR plus 475 bps to 500 bps talk, according to a market source.

The term loan still has a 0.5% floor, an original issue discount of 97 and 101 soft call protection for six months.

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

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

Proceeds will be used to amend and extend by three years an existing first-lien term loan, to repay $50 million of the company’s existing second-lien term loan, leaving a pro forma size of $150 million at close, and to pay associated premiums, fees and expenses.

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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