SolarWinds firms $1.25 billion term loan at SOFR plus 400 bps

By Sara Rosenberg

New York, Nov. 17 – SolarWinds Inc. finalized pricing on its $1.245 billion amended and extended first-lien term loan due 2027 (B1/B+) at SOFR plus 400 basis points, the low end of the SOFR plus 400 bps to 425 bps talk, according to a market source.

Also, the original issue discount on the term loan was changed to 97.5 from 97, the source said.

The term loan still has a 0% floor, 101 soft call protection for six months and no CSA.

JPMorgan Chase Bank, Goldman Sachs Bank USA and Wells Fargo Securities LLC are the bookrunners on the deal. Credit Suisse is the administrative agent.

Recommitments were scheduled to be due at 12:15 p.m. ET on Thursday, the source added.

Proceeds will be used to extend by three years an existing term loan due February 2024 that is priced at Libor plus 275 bps with a 0% floor.

As part of this transaction, $350 million of the term loan is being repaid.

SolarWinds is an Austin, Tex.-based provider of IT network and systems infrastructure management software.

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