Lithuania-headquartered cybersecurity and privacy company Cyberspace B.V. (Nord Security) is raising a $500 million senior secured term loan B (TLB) for dividend distribution. The company is also issuing a new senior secured revolving credit facility (RCF) of $75 million. Nord Security is a leading software as a service (SaaS) provider, offering digital privacy and security services, with a focus on virtual private network (VPN) services. It has more than 15 million paying subscribers, with $878 million of billings and revenue of $770 million in 2024. Following the new debt issuance, we expect Nord Security?s S&P Global Ratings-adjusted debt to EBITDA will be high at about 5.5x in 2025 but expect that it will rapidly reduce below 3.0x in 2026, based
