End-User ups spread on $2.6 billion term loan to SOFR plus 450 bps

By Sara Rosenberg

New York, April 18 – End-User Computing (Modena Buyer LLC) increased pricing on its $2.6 billion seven-year first-lien term loan to SOFR plus 450 basis points from talk in the range of SOFR plus 400 bps to 425 bps, according to a market source.

Also, the original issue discount on the term loan widened to 98 from 98.5, the source said.

The term loan still has a 0% floor and 101 soft call protection for six months.

The company’s $2.86 billion of credit facilities (B2/B) also include a $260 million five-year revolver.

UBS Investment Bank, KKR Capital Markets, Jefferies LLC, Citigroup Global Markets Inc., Natixis, SMBC and Bank of Nova Scotia are the arrangers on the deal.

Commitments were scheduled to be due at 2 p.m. ET on Thursday, the source added.

Proceeds will be used to help fund the buyout of the company by KKR from Broadcom Inc. in a transaction valued at about $4 billion.

Closing is expected this year, subject to customary conditions, including regulatory approvals.

End-User Computing is a Toledo, Ohio-based provider of digital workspace solutions that allow organizations to securely deliver and manage applications, desktops and data across any device or platform.

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