TeamViewer discloses price talk on $215 million second-lien term loan

By Sara Rosenberg

New York, Jan. 30 – TeamViewer released price talk on its $215 million eight-year covenant-light second-lien term loan (Caa2/CCC+) at Libor plus 875 basis points to 900 bps with a 1% Libor floor and an original issue discount of 98.5, according to a market source.

The company is also getting a $550 million seven-year covenant-light first-lien term loan (B2/B) that includes a $160 million euro-equivalent tranche.

The first-lien term loan has a 1% Libor floor and 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.

A bank meeting for European investors took place in London on Monday, and a bank meeting for U.S. investors will take place at 1:30 p.m. ET in New York on Tuesday.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Nomura are the lead banks on the deal, with Bank of America the left lead on the first-lien term loan and Credit Suisse the left lead on the second-lien term loan.

Commitments are due at 5 p.m. ET on Feb. 13.

Proceeds will be used to refinance existing debt and fund a shareholder distribution.

TeamViewer is a Germany-based provider of secure remote support and access software.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.