US-based wide area network (WAN) optimisation specialist Riverbed Technology has completed a new US$600m bank financing.
The debt is split between a US$300m senior secured 5-year term loan and a US$300m 5-year revolving credit facility. The loan pays…
US-based wide area network (WAN) optimisation specialist Riverbed Technology has completed a new US$600m bank financing.
The debt is split between a US$300m senior secured 5-year term loan and a US$300m 5-year revolving credit facility. The loan pays interest of 1.25% for the first 2 years and then 2.5% for the final 3 years.
JPMorgan, Wells Fargo and HSBC were the lenders, joint lead arrangers and joint bookrunners on the transaction.
The company has already drawn down the whole of the term loan and US$225m of the revolver. Proceeds were used refinance the US$575m three-year senior secured credit facility that Riverbed borrowed to support its US$1bn cash and share acquisition of Opnet in late 2012. The covenant heavy loan was provided by Morgan Stanley, Goldman Sachs and Bank of America.
The new credit agreement also permits Riverbed to increase either the term loan or the revolver or agree to a new loan of up to US$150m.
Based in San Francisco, Riverbed provides a variety of satellite communication services predominantly focused on satellite WAN optimisation solutions.