BroadStreet revises term loan B deadline; LogMeIn discloses first-lien loan guidance

By Sara Rosenberg

New York, Aug. 3 – In the primary market on Monday, BroadStreet Partners Inc. accelerated the commitment deadline for its term loan B, and LogMeIn Inc. released price talk on its first-lien term loan B in connection with its lender call.

And, in more happenings, Veritas Technologies joined this week’s new issue loan calendar with a U.S. and euro term debt refinancing transaction.

BroadStreet accelerated

BroadStreet Partners moved up the commitment deadline for its non-fungible $175 million term loan B (B2/B) due Jan. 20, 2027 to noon ET on Tuesday from noon ET on Wednesday, a market source remarked.

Talk on the term loan is Libor plus 375 basis points with a 1% Libor floor, an original issue discount of 97 and 101 soft call protection for six months.

RBC Capital Markets LLC, BofA Securities, Inc., Barclays, BMO Capital Markets, Bank of Nova Scotia and Truist are leading the deal that will be used to repay revolver borrowings and put cash on the balance sheet.

The new loan is co-terminus with the company’s existing $1.108 billion term loan B.

BroadStreet is a Columbus, Ohio-based insurance broker.

LogMeIn sets talk

LogMeIn held its lender call on Monday and announced price talk on its $1.95 billion seven-year first-lien term loan B (B1/B-) at Libor plus 475 bps to 500 bps with a 0% Libor floor and an original issue discount of 97, according to a market source.

The first-lien term loan has 101 soft call protection for six months.

Commitments are due at noon ET on Aug. 14, the source added.

The company is also getting a $500 million pre-placed second-lien term loan (Caa1/CCC).

Barclays, RBC Capital Markets, Deutsche Bank Securities Inc., Jefferies LLC and Mizuho Bank Ltd. are leading the debt that will be used with equity to fund the buyout of the company by Francisco Partners and Elliott Management Corp. for $86.05 per share in cash. The aggregate equity valuation is about $4.3 billion.

Closing is expected in the third quarter.

LogMeIn is a Boston-based provider of cloud-based connectivity.

Veritas readies deal

Veritas Technologies set a lender call for noon ET on Tuesday to launch a $1.55 billion five-year term loan B and a €690 million five-year term loan B, according to a market source.

BofA Securities, Inc. and Morgan Stanley Senior Funding Inc. are leading the deal that will be used to refinance existing debt.

Veritas is a Santa Clara, Calif.-based provider of data protection and availability.

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