SonicWall sets price talk for $210 million first-, second-lien loans

By Paul A. Harris

Portland, Ore., Sept. 16 – SonicWall Inc. set price talk for $210 million of incremental term loans, according to a market source.

A fungible $185 million incremental first-lien term loan is talked with a 375 basis points spread to Libor atop a 0.5% Libor floor at 99 to 99.5. The 101 soft call protection resets for six months.

A fungible $25 million incremental second-lien term loan is talked with a 750 bps spread to Libor at 99, with no Libor floor.

Commitments are due Sept. 29.

Proceeds will be used to fund a cash distribution to shareholders.

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

SonicWall, backed by Francisco Partners and Evergreen Coast Capital, is a Milpitas, Calif.-based provider of network security.

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