Ping Identity wraps $300M term loan tight of talk; terms

Investors have received allocations of the $300 million term loan B for Ping Identity Corp. that priced tight to talk at a spread of 375 basis points over Sofr, plus a credit spread adjustment, with a 0.50% floor and an original issue discount of 99.5 via a BofA Securities-led arranger group, according to sources. The term loan freed to a 99.875/100.375 market. The CSA is 10 bps for the one-month rate, 15 bps for the three-month rate and 25 bps for the six-month rate. Proceeds will be used to pay down about $120 million of borrowings outstanding under the company's revolver and add cash to the balance sheet, increasing cash to about $230 million, according to S&P Global Ratings. As part of the transaction, the issuer will have a new $150 million revolver due 2026 that will be undrawn at close. Denver-based Ping Identity is a provider of identity and access management solutions.

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