We advised the administrative agent and the revolving lenders on the transaction

Davis Polk advised the administrative agent, collateral agent and revolving lenders in connection with the sixth amendment to SonicWall US Holdings Inc.’s and SonicWall International LLC’s existing first-lien credit agreement, consisting of a $795 million term loan and a $75 million revolving-credit facility. The refinancing and exchange transaction established a new $90 million first-out term loan facility and second-out term loan facilities totaling $787 million, each through cashless roll and exchange of the existing term loans, and a $75 million second-out revolving credit facility exchanged on a dollar-for-dollar basis from the existing revolving commitments. The term loan facilities mature on April 26, 2030, and the revolving credit facility terminates on March 26, 2030.

SonicWall is a software company specializing in cybersecurity, which is sponsored by Francisco Partners, a global private equity firm focused primarily on investments in technology and technology-enabled businesses.

The Davis Polk restructuring team included partner Brian M. Resnick, counsel Christopher Robertson and associates Sihui (Sophy) Ma and Jonathan (Zhenyang) He. The finance team included partners David Hahn and Jon Finelli and associates Joseph William Bretschneider, Christopher Martin and Carly (Yoona) Cha. Partner Corey M. Goodman provided tax advice. All members of the Davis Polk team are based in the New York office.

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