Cloudera to launch $2.14 billion of term loans on Wednesday

By Sara Rosenberg

New York, July 26 – Cloudera Inc. will hold a lender call at 11 a.m. ET on Wednesday to launch its $2.14 billion of term loans, according to a market source.

The debt consists of a $1.64 billion first-lien term loan and a $500 million second-lien term loan.

The first-lien term loan has 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 said.

JPMorgan Chase Bank, BofA Securities Inc., KKR Capital Markets, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, BNP Paribas Securities Corp., Barclays, Citigroup Global Markets Inc., Credit Agricole, MUFG and Sumitomo are the joint lead arrangers on the deal, with JPMorgan the left lead on the first-lien loan and BofA the left lead on the second-lien loan.

Based on the commitment letter, the company is also expected to get a $250 million revolving credit facility.

Proceeds will be used to help fund the buyout of the company by Clayton, Dubilier & Rice and KKR for $16.00 in cash per share. The transaction is valued at $5.3 billion.

Other funds for the transaction will come from equity.

Closing is expected in the second half of this year, subject to customary conditions, including the approval of Cloudera shareholders and antitrust approval.

Cloudera is a Santa Clara, Calif.-based enterprise data cloud company.

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