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SonicWALL moves funds between first- and second-lien term loans
By Sara Rosenberg
New York, May 16 – SonicWALL upsized its first-lien term loan to $452 million from $432 million and downsized its second-lien term loan to $175 million from $195 million, according to a market source.
As before, pricing 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 pricing on the second-lien term loan is Libor plus 750 bps with a 0% Libor floor and a discount of 99.
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 $627 million of term loans.
Recommitments were scheduled to be due at 5 p.m. ET on Wednesday, 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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