Holland & Knight Advises KEYW Holding Corporation in $130 Million Public Offering and $42.5 Million Revolving Credit Facility
Fort Lauderdale, Fla. and McLean, Va. (July 21, 2014) – Holland & Knight advised Maryland-based cybersecurity company, KEYW Holding Corporation, on its $130 million offering of convertible senior notes. The transaction was announced on July 15 and closed on July 21. RBC Capital Markets and Bank of America Merrill Lynch acted as joint book-running managers for the notes offering. SunTrust Robinson Humphrey acted as co-manager.
Concurrently with the issuance of the notes, the company’s wholly-owned subsidiary The KEYW Corporation closed a new senior secured revolving credit agreement with Royal Bank of Canada, Bank of America, SunTrust Bank (or one of their respective affiliates) and other lenders, with RBC Capital Markets, LLC as lead arranger and sole bookrunner, for which Royal Bank of Canada will serve as sole administrative agent and sole collateral agent. The KEYW Corporation will receive a revolving credit commitment of up to $42.5 million that includes a swingline loan commitment of up to $10 million and a letter of credit facility of up to $15 million. The net proceeds from the offering were approximately $124.8 million after deducting the underwriters' discounts, estimated fees and expenses.
KEYW provides cyber superiority, cybersecurity and geospatial intelligence solutions for U.S. Government intelligence and defense customers and commercial enterprises.
Holland & Knight corporate partners Tammy Knight, Laurie Green, Doug Darbut and Jonathan Wolcott advised KEYW on the public offering and new credit facility. They were assisted by associate Nicole Maron.