LogMeIn draws $60 million from revolver for Marvasol acquisition

By Wendy Van Sickle

Columbus, Ohio, Oct. 16 – LogMeIn, Inc. borrowed $60 million under its multi-currency revolving credit agreement on Tuesday, according to an 8-K filed with the Securities and Exchange Commission.

Proceeds were used along with cash on hand to fund the company’s purchase of all of the outstanding securities of Marvasol, Inc. for $110 million.

U.S. dollar borrowings under the revolver currently bear interest at Libor plus 150 basis points. The interest rate can range from Libor plus 150 bps to 200 bps, based on total leverage ratio. The commitment fee ranges from 20 bps to 30 bps.

J.P. Morgan Securities LLC and Wells Fargo Securities, LLC acted as joint bookrunners and JPMorgan Chase Bank, NA as administrative agent.

The facility matures onFeb. 18, 2020.

Boston-based LogMeIn provides remote access and remote desktop software. Fairfax, Va.-based Marvasol, which does business as LastPass, provides password and data management services.

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