Carbonite plans $550 million term loan for Webroot purchase

By Sara Rosenberg

New York, Feb. 7 – Carbonite Inc. has received a commitment for a $550 million seven-year senior secured term loan and a five-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Barclays, Citizens Bank and RBC Capital Markets provided the debt commitment.

Proceeds will be used with cash on hand to fund the acquisition of Webroot Inc. for about $618.5 million.

Closing is expected this quarter, subject to the regulatory clearance and other customary conditions.

Pro forma net leverage will be around 4.3 times, including the benefit of identified cost synergies.

Carbonite is a Boston-based cloud-based data protection provider. Webroot is a Broomfield, Colo.-based cybersecurity company.

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