LANDesk Software to launch $320 million credit facility on Tuesday

By Sara Rosenberg

New York, July 26 - LANDesk Software set a call for Tuesday to launch a $320 million credit facility, according to a market source.

Jefferies Finance LLC is the lead bank on the deal.

The facility consists of a $20 million revolver and a $300 million seven-year term loan, the source said.

Price talk on the term loan is Libor plus 425 basis points to 450 bps with a 1% Libor floor and an original issue discount of 99, the source continued.

Proceeds will be used to refinance existing debt and fund a dividend.

Leverage is 4 times and last-12-months EBITDA is $75 million, the source added.

LANDesk is a South Jordan, Utah-based provider of systems lifecycle management and endpoint security, as well as IT service management solutions for desktops, servers and mobile devices.

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