SolarWinds sets bank meeting; Northstar Asset Management, GCP Applied ready deals

By Sara Rosenberg

New York, Jan. 8 – In the primary market on Friday, SolarWinds came out with timing on the launch of its proposed credit facility, and Northstar Asset Management Group Inc. and GCP Applied Technologies Inc. joined the near-term calendar.

SolarWinds scheduled bank meetings for Wednesday in New York and for Thursday in London to launch its $1,625,000,000 senior secured credit facility, according to a market source.

Goldman Sachs Bank USA, Credit Suisse Securities (USA) LLC, Macquarie Capital (USA) Inc. and Nomura Securities International Inc. are leading the deal that will help fund the buyout of the company by Silver Lake Partners and Thoma Bravo LLC for $60.10 per share, or about $4.5 billion in cash.

The facility consists of a $125 million revolver and a $1.5 billion equivalent U.S. dollar- and euro-denominated first-lien term loan, the source said, which matches what the company had previously outlined in filings with the Securities and Exchange Commission.

The SEC filings also said that $580 million in senior secured second-lien notes, $2.42 billion in equity and about $150 million in cash on hand would be used for the buyout as well.

Closing is expected this quarter, subject to approval by SolarWinds stockholders, regulatory approvals and other customary conditions.

SolarWinds is an Austin, Texas-based provider of IT management software.

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