Cloudera revises $500 million term B talk to Libor plus 275-300 bps

By Sara Rosenberg

New York, Dec. 15 – Cloudera, Inc. lowered price talk on its $500 million seven-year senior secured covenant-lite term loan B (Ba3/BB-) to a range of Libor plus 275 basis points to 300 bps from Libor plus 325 bps, according to a market source.

Additionally, the original issue discount on the term loan was changed to 99.5 from 99, the source said.

The term loan still has a 0.75% Libor floor and 101 soft call protection for six months.

Citigroup Global Markets Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and Morgan Stanley Senior Funding, Inc. are the joint lead arrangers on the deal. Citigroup is the administrative agent.

Commitments continue to be due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used for general corporate purposes, for share repurchases and to pay transaction-related fees and expenses.

Closing is expected on Dec. 22.

Cloudera is a Santa Clara, Calif.-based enterprise data cloud company.

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