SonicWALL plans $255 million loan for public-to-private transaction

By Sara Rosenberg

New York, June 11 - SonicWALL Inc. has received a commitment for an up to $255 million senior secured credit facility to help fund its acquisition by Thoma Bravo LLC and Ontario Teachers' Pension Plan, according to a PREM14A filed with the Securities and Exchange Commission late Thursday.

Credit Suisse is the lead bank on the deal.

Under the agreement, Thoma Bravo and Ontario Teachers' Pension Plan are buying the company for $11.50 per share in cash. The transaction is valued at about $717 million.

Other funding for the acquisition will come from $280 million of equity and cash on hand.

Closing is expected to take place in the company's fiscal quarter ending Sept. 30, or early in the fiscal quarter ending Dec. 31, subject to customary conditions, including requisite regulatory approvals and shareholder approval.

SonicWALL is a San Jose, Calif.-based provider of IT security and data backup and recovery services.

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