LogMeIn borrows $200 million revolving loan for acquisition of Jive

By Sarah Lizee

Olympia, Wash., April 3 – LogMeIn, Inc. borrowed a $200 million revolving loan under its existing multi-currency amended and restated credit agreement on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The loan was used along with cash on hand for the acquisition of all of the outstanding equity of Jive Communications, Inc. by LogMeIn USA, Inc.

Borrowings bear interest at Libor plus a margin that ranges from 125 basis points to 200 bps, depending on the consolidated total leverage ratio. As of Monday, the annual rate on the loan was 3.13%, which will reset on May 3.

The commitment fee ranges from 15 bps to 30 bps, also based on the total leverage ratio.

The facility is available on a revolving basis through Feb. 1, 2022.

JPMorgan Chase Bank, NA is the administrative agent and a joint bookrunner and joint lead arranger with syndication agents Wells Fargo Securities, LLC and RBC Capital Markets. Silicon Valley Bank, Citizens Bank, NA, Bank of America, NA and SunTrust Bank acted as documentation agents.

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

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