SolarWinds confirms N-able release date

0


the Solar winds spin-off of N-capable is confirmed for July 2021, parent company and software vendor MSP have revealed.

N-able’s primary focus on the MSP software market will not change.

The N-able spin-off involves a two-step process – known as a “record date” on July 12 and a “release date” on July 19. N-able stock will trade on the New York Stock Exchange under the symbol NABL.

N-able spin-off: one year in preparation

John Pagliuca, President, N-able

SolarWinds revealed in mid-2020 that it was exploring a possible N-capable spinout. In recent months, N-able chairman John Pagliuca has announced several executive hires as part of the spin-out plan, including Jeff Nulsen as Marketing Director (CMO); Dave MacKinnon as Director of Security and Peter Anastos as Executive Vice President, General Counsel. In addition, the title of Pagliuca will change to CEO after the spin-out of software provider MSP is completed.

Four additional financial details to note include:

1. Each SolarWinds shareholder on the registration date will receive one N-able common share for every two SolarWinds common shares held by that shareholder on the registration date. Shareholders will receive cash in lieu of any fractional shares they would otherwise receive as part of the distribution.

2. Holders of SolarWinds common stock on the Record Date are not urged to take any action to receive N-able common stock in the distribution.

3. Trading in the common shares of N-able is expected to commence on an “when issued” basis on or about July 9, 2021, on the New York Stock Exchange, under the symbol “NABL WI”. Trading “when issued” in N-able common stock will continue until the distribution takes place. SolarWinds expects that trading “on a regular basis” in the common shares of N-able under the symbol “NABL” will begin on July 20, 2021.

4. N-able is expected to enter into a credit agreement providing for $ 410.0 million of senior secured credit facilities, consisting of a revolving credit facility of $ 60.0 million and a term loan facility of $ 350. , $ 0 million with JPMorgan Chase, Bank, NA as administrative agent and guarantee agent, and the lenders from time to time parties thereto. The intended use of the net term loan proceeds will primarily be used to repay existing intercompany debt, according to the companies.



Source link

Share.

About Author

Comments are closed.