SonicWALL seeks $627 million in first- and second-lien term loans

By Sara Rosenberg

New York, May 8 – SonicWALL is in market with $627 million in term loans, split between a $432 million first-lien term loan and a $195 million second-lien term loan, according to a market source.

Price talk on the first-lien term loan is Libor plus 350 basis points with a 0% Libor floor and an original issue discount of 99.5, and talk on the second-lien term loan is Libor plus 750 bps with a 0% Libor floor and a discount of 99, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

UBS Investment Bank, Credit Suisse Securities (USA) LLC and SunTrust Robinson Humphrey Inc. are the lead banks on the deal that launched with a call this past Friday.

Commitments are due on May 15, the source added.

Proceeds will be used to finance the carve-out of the business from Seahawk Holdings.

SonicWALL is a provider of IT security and data backup and recovery services.

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