Vertafore launches amendment to push out revolver, term maturities

By Sara Rosenberg

New York, Sept. 10 - Vertafore Inc. launched an amendment to its credit facility on Thursday, asking lenders to extend the revolver and first-lien term loan maturities by 2½ years, according to a market source.

In return, lenders are being offered an increase in pricing on the extended debt to Libor plus 375 basis points from Libor plus 250 bps, and a 1.5% Libor floor will be added, the source said.

Also, revolver lenders will get a commitment fee that is a little below 200 bps, the source added.

Credit Suisse and JPMorgan are the lead banks on the deal.

Vertafore is a Bothell, Wash.-based provider of software and services to the insurance industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.