LogMeIn expands revolver to $400 million, extends maturity to 2022

By Wendy Van Sickle

Columbus, Ohio, Feb. 2 – LogMeIn, Inc. amended and restated its credit agreement dated Feb. 18, 2015 with JPMorgan Chase Bank, NA as administrative agent on Wednesday to, among other things, increase availability of its revolving credit facility to $400 million from $150 million, according to an 8-K filed with the Securities and Exchange Commission.

There is also an accordion feature allowing up to $200 million of additional revolving or term loan capacity.

Other changes include:

• Extending the maturity date to Feb. 1, 2022;

• Allowing borrowings in Australian dollars;

• Adjusting the interest to Libor plus 125 basis points to 200 bps and the commitment fee to 15 bps to 30 bps, depending on total leverage ratio;

• Eliminating a financial covenant regarding capital expenditures and requiring the company to maintain a maximum consolidated senior leverage ratio, a maximum consolidated total leverage ratio and a minimum consolidated fixed charge coverage ratio;

• Removing LogMeIn Ireland Holding Co. Ltd as a named borrower under the facility.

The amendment came in connection with closing of LogMeIn’s merger with Citrix Systems, Inc.’s GetGo, Inc. subsidiary.

J.P. Morgan Securities LLC is lead arranger and is a joint bookrunner along with Wells Fargo Securities, LLC.

Boston-based LogMeIn provides remote access and remote desktop software.

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