TeamViewer plans to launch $765 million in term loans next week

By Sara Rosenberg

New York, Jan. 26 – TeamViewer is scheduled to hold a bank meeting in London on Monday and a bank meeting at 1:30 p.m. ET in New York on Tuesday to launch a $550 million seven-year covenant-light first-lien term loan and a $215 million eight-year covenant-light second-lien term loan, according to a market source.

The first-lien term loan includes a $160 million euro-equivalent tranche, the source said.

Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Nomura are the lead banks on the deal, with Bank of America the left lead on the first-lien term loan and Credit Suisse the left lead on the second-lien term loan.

All of the term loans have a 1% Libor floor.

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

Commitments are due at 5 p.m. ET on Feb. 13, the source added.

Proceeds will be used to refinance existing debt and fund a shareholder distribution.

TeamViewer is a Germany-based provider of secure remote support and access software.

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