McAfee talks U.S. and euro term loans at Libor/Euribor plus 375 bps

By Sara Rosenberg

New York, Oct. 18 – McAfee LLC launched on Thursday its $2,851,013,910 senior secured covenant-light term loan B (B1/B) due Sept. 29, 2024 and its €650,802,180 senior secured covenant-light term loan B (B1/B) due Sept. 29, 2024 with price talk of Libor/Euribor plus 375 basis points with a 0% floor and a par issue price, according to a market source.

The term loans have 101 soft call protection for six months and amortization of 1% per annum, the source said.

Morgan Stanley Senior Funding Inc., J.P. Morgan Securities LLC, Goldman Sachs Bank USA, Bank of America Merrill Lynch, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets LLC, UBS Investment Bank and Mizuho Bank are the joint lead arrangers and bookrunners on the deal. TPG is a co-manager.

Commitments/consents are due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to reprice existing U.S. and euro term loans.

McAfee is a Santa Clara, Calif.-based cybersecurity company.

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