Darktrace reveals potential pricing on $2.3 billion credit facilities

By Sara Rosenberg

New York, April 30 – Darktrace plc outlined in a commitment letter expected pricing on its $2.295 billion of credit facilities for its acquisition by Thoma Bravo.

The facilities consist of a $150 million five-year revolver, a $1.685 billion seven-year covenant-lite first-lien term loan and a $460 eight-year covenant-lite second-lien term loan.

Based on the commitment letter, pricing on the revolver is expected at SOFR plus 300 basis points with a 0% floor, pricing on the first-lien term loan is expected at SOFR plus 325 bps with a 0% floor and pricing on the second-lien term loan is expected at SOFR plus 525 bps with a 0% floor.

The credit facilities do not have CSA.

The first-lien term loan is expected to include 101 soft call protection for six months, and the second-lien term loan is expected to include call protection of 102 in year one and 101 in year two.

Goldman Sachs Bank USA is the agent on the deal.

Other funds for the transaction will come from equity.

Under the agreement, Darktrace is being bought for $7.75 in cash per share. The transaction has an implied enterprise value of $4.992 billion.

Closing is expected in the third or fourth quarter, subject to customary conditions.

Darktrace is a Cambridge, U.K.-based cybersecurity artificial intelligence company.

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