Forcepoint completes $575M term loan for buyout tight to talk; terms

Investors today received allocations of Forcepoint LLC's $575 million, seven-year covenant-lite first-lien term loan that priced at L+450 with a 0.5% Libor floor and an issue price of 99.25 via a Credit Suisse-led arranger group, according to sources. There is a 25 bps margin step-down at 4x first-lien gross leverage. The loan was priced tight to talk following a $50 million upsizing. Proceeds will be used to back the $1.1 billion acquisition of the company by Francisco Partners, and the upsizing reduces the equity commitment by $50 million. Financing will also include a $75 million revolving credit facility with a springing first-lien net leverage covenant. Forcepoint offers a portfolio of cybersecurity solutions, helping enterprises worldwide monitor and protect networks, endpoints, data and users. Terms: