BOSTON, Aug. 10, 2020 (GLOBE NEWSWIRE) -- LogMeIn, Inc. and Logan Merger Sub, Inc., controlled by affiliates of Francisco Partners, L.P. today announced that the Issuer intends to privately offer, subject to market conditions, $750 million in aggregate principal amount of its Senior Secured Notes due 2027. The net proceeds from the offering of the Notes, together with other financing sources, will be used to fund the acquisition (the “Acquisition”) of LogMeIn by affiliates of Francisco Partners and Evergreen Coast Capital Corp., the private equity affiliate of Elliott Management Corporation (“Evergreen”), and to pay certain related fees, commissions and expenses. LogMeIn will assume all of the obligations of the Issuer under the Notes upon the consummation of the Acquisition. The offering and the actual terms of the Notes, including the interest rate, will depend on market and other conditions.
The Notes will be offered to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act.
The Notes have not been and will not be registered under the Securities Act or any state or other jurisdiction’s securities laws. Accordingly, the Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the Securities Act and any applicable state or other jurisdiction’s securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About LogMeIn
LogMeIn, Inc.’s (Nasdaq: LOGM) category-defining products unlock the potential of the modern workforce by making it possible for millions of people and businesses around the globe to do their best work, whenever, however, and most importantly, wherever. A pioneer in remote work technology and a driving force behind today’s work-from-anywhere movement, LogMeIn has become one of the world’s largest SaaS companies with tens of millions of active users, more than 3,500 global employees, over $1.2 billion in annual revenue and more than 2 million customers worldwide who use its software as an essential part of their daily lives. The company is headquartered in Boston, Massachusetts with additional locations in North America, South America, Europe, Asia and Australia.
About Francisco Partners, L.P.
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch 20 years ago, Francisco Partners has raised over $24 billion in committed capital and invested in more than 300 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential.
About Elliott Management Corporation and Evergreen Coast Capital Corp.
Elliott Management Corporation manages two multi-strategy investment funds which combined have approximately $42 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. This investment is being led by Evergreen Coast Capital, Elliott’s Menlo Park affiliate, which focuses on technology investing.
