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Vertafore launches $260 million second-lien at Libor plus 800-850 bps
By Sara Rosenberg
New York, Oct. 19 - Vertafore launched a $260 million seven-year second-lien term loan on Tuesday, according to a market source.
Price talk on the loan is Libor plus 800 basis points to 850 bps with a 1.75% Libor floor and an original issue discount of 98 to 981/2, the source said.
There is call protection of 103 in year one, 102 in year two and 101 in year three, the source added.
Bank of America, Credit Suisse, Barclays and RBC Capital are the lead banks on the deal.
Proceeds will be used to refinance an unsecured term loan.
Vertafore is Bothell, Wash.-based provider of software and information to the insurance industry.
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