Accuvant releases price talk on $425 million in term loans with launch

By Sara Rosenberg

New York, Dec. 2 – Accuvant came out with price talk on its $425 million of covenant-light term loans with its bank meeting, according to a market source.

The $300 million first-lien term loan (B) is talked at Libor plus 450 basis points to 475 bps with a 1% Libor floor and an original issue discount of 99, and the $125 million second-lien term loan (CCC+) is talked at Libor plus 875 bps to 900 bps with a 1% Libor floor and a discount of 99, the source said.

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

Goldman Sachs Bank USA and Societe Generale are the leads on the deal.

Proceeds will be used to help fund the merger of Denver-based Accuvant and Overland Park, Kan.-based FishNet Security, two providers of information security services and solutions.

Blackstone private equity funds will maintain majority ownership in the combined company, and current investors of both organizations, including existing management, the private equity firm Sverica International and FishNet Security’s corporate owner, Investcorp, are maintaining minority equity interests.

Closing is expected in the first quarter of 2015, subject to regulatory approvals.

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