NetApp prepays $850 million term loan, terminates loan agreement

By Marisa Wong

Morgantown, W.Va., June 28 – NetApp, Inc. delivered a notice on June 22 to lenders under its term loan agreement that it would prepay $850 million of borrowings currently outstanding under the facility, according to an 8-K filing with the Securities and Exchange Commission.

The company said it expected this prepayment, which includes accrued interest and any required break funding payments, to occur on June 27.

Following the prepayment, the loan agreement will be terminated.

JPMorgan Chase Bank, NA was the administrative agent for the credit agreement.

The storage system and data management company is based in Sunnyvale, Calif.

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