Datasite launches $400 million term loan B at SOFR plus 450 bps

By Sara Rosenberg

New York, April 25 – Datasite (Mermaid Bidco Inc.) held a lender call at 11 a.m. ET on Tuesday to launch a fungible $400 million add-on term loan B due December 2027 (B2/B-) that is talked at SOFR plus 450 basis points with a 25 bps step-down at 3.25x net senior leverage, a 0.75% floor and an original issue discount of 98, according to a market source.

The add-on term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank, Jefferies LLC, Deutsche Bank Securities Inc. and MUFG are the bookrunners on the deal.

Commitments are due at 10 a.m. ET on Friday, the source added.

Proceeds will be used to refinance a $364 million HoldCo PIK note, for general corporate purposes and to pay transaction fees, costs and expenses.

In connection with this transaction, the company will shift and increase pricing on its existing roughly $360 million term loan to SOFR plus 450 bps with a 0.75% floor from Libor plus 375 bps with a 0.75% floor.

CapVest is the sponsor.

Datasite is a Minneapolis-based secure content collaboration platform for enterprise and advisory customers.

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