Riverbed Technology, DBRS, Vogue International free to trade; Nord Anglia revises deal

By Sara Rosenberg

New York, Feb. 25 – Riverbed Technology Inc. upsized its term loan for a second time and then broke for trading on Wednesday afternoon with levels seen above the debt’s original issue discount, and DBRS hit the secondary as well.

In more happenings, Vogue International tightened the original issue discount on its add-on term loan and then it too freed to trader, and Nord Anglia Education Inc. increased the size of its add-on loan while also modifying the offer price.

Riverbed Technology lifted its seven-year first-lien term loan size to $1,625,000,000 from a revised amount of $1,575,000,000 and an initial amount of $1,525,000,000, according to a market source.

On the flip side, the company’s bond offering was downsized on Wednesday to $525 million from a revised amount of $575 million and from $625 million when the first term loan upsizing was announced.

As before, the term loan is priced at Libor plus 500 basis points with a step-down to Libor plus 475 bps based on total first-lien leverage, a 1% Libor floor and an original issue discount of 99˝, and includes 101 soft call protection for six months.

At the time of the first term loan size change, the spread on the term loan was cut from Libor plus 525 bps, the step-down was added and the discount was tightened from 98˝.

The company’s now $1,725,000,000 senior secured credit facility (B1/B) also provides for a $100 million five-year revolver.

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