Blue Coat launches $1.05 billion term loan at Libor plus 375-400 bps

By Sara Rosenberg

New York, May 11 – Blue Coat Systems Inc. launched on Monday its $1.05 billion seven-year covenant-light term loan B with price talk of Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $1.15 billion credit facility also includes a $100 million revolver.

Commitments are due on Friday, the source added.

Jefferies Finance LLC is the lead on the deal.

Proceeds will be used to help fund the buyout of the company by Bain Capital LLC from Thoma Bravo LLC in an all-cash transaction valued at about $2.4 billion.

Closing is expected in the first half of this year, subject to customary conditions, including requisite regulatory approvals.

Blue Coat is a Sunnyvale, Calif.-based web security company.

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