Software intelligence company Dynatrace closed a $400 million, five-year senior secured revolving credit facility through a syndicate of banks led by BMO Harris Bank, with Dynatrace as borrower. This facility, entered into on Dec. 2, replaces a $60 million revolving credit facility, which was set to mature on Aug. 23, 2023.
In conjunction with the closing of the new revolving credit facility, Dynatrace repaid the remaining balance of its Term Loan B debt, which had an outstanding principal balance of $221 million as of Sept. 30. The repayment was funded with a portion of the company’s cash balance, which stood at $563 million as of Sept. 30. Dynatrace has no other funded debt obligations outstanding at this time.
“We are extremely pleased with the completion of this transaction as it provides us with increased financial flexibility at substantially lower costs,” Jim Benson, CFO at Dynatrace, said. “Significant demand for the transaction resulted in an over-subscription, which we believe is a testament to our balanced business model that delivers strong growth, profitability and free cash flow.”
