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PE-backed Datto to repay debt with IPO proceeds of $549.5M

Private equity-backed Datto Holding Corp. has raised $549.5 million net of expenses through an initial public offering and will use the proceeds to repay debt under a term loan and revolver.

Shares closed at $27.10 today on their first day of trading on the New York Stock Exchange.

Datto registered to sell stock in an IPO last month. The company announced yesterday that 22 million shares were priced at the top end of a $24 to $27 per-share range in the deal.

Datto, backed by Vista Equity Partners, provides enterprise-grade data protection and IT solutions to small and midsized businesses. Vista acquired the company in 2017.

In March 2019, Datto placed a $550 million first-lien term loan due 2026 (L+425, 0% Libor floor) to refinance debt. The financing included a $50 million revolver. Credit Suisse was administrative agent.