Ivanti lifts term loan to $465 million, flexes to Libor plus 400 bps

By Sara Rosenberg

New York, Feb. 17 – Ivanti Software Inc. upsized its non-fungible covenant-lite add-on first-lien term loan B due Dec. 1, 2027 to $465 million from $440 million and reduced pricing to Libor plus 400 basis points from talk in the range of Libor plus 425 bps to 450 bps, according to a market source.

Also, the original issue discount on the term loan was revised to 99.75 from talk in the range of 99 to 99.5, the source said.

The term loan still has a 0.75% Libor floor, 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc., UBS Investment Bank, BMO Capital Markets and Antares Capital are the joint lead arrangers and bookrunners on the deal.

Recommitments were scheduled to be due at noon ET on Wednesday, the source added.

Proceeds will be used to finance the acquisition of Cherwell Software, a provider of enterprise service management solutions, to pay related fees and expenses and, due to the upsizing, for general corporate purposes.

Ivanti is a South Jordan, Utah-based company that automates IT and security operations.

© 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.