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BMO Harris Bank Leads Bank Syndicate in New $400MM Revolving Credit Facility for Dynatrace

December 05, 2022, 08:00 AM
Filed Under: Technology
Related: BMO Harris Bank

Software intelligence company Dynatrace closed a new $400 million, five-year senior secured revolving credit facility through a syndicate of banks led by BMO Harris Bank, with Dynatrace LLC, a wholly-owned subsidiary of Dynatrace, Inc., as borrower. This new facility, entered into on December 2, 2022, replaces a $60 million revolving credit facility, which was set to mature on August 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 September 30, 2022. The repayment was funded with a portion of the company’s cash balance, which stood at $563 million as of September 30, 2022. 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,” said Jim Benson, Chief Financial Officer at Dynatrace. “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.”

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