Vertafore $260 million second-lien firms at Libor plus 825 bps

By Sara Rosenberg

New York, Oct. 26 - Vertafore set pricing on its $260 million seven-year second-lien term loan (Caa1/CCC+) at Libor plus 825 basis points, the midpoint of the initial Libor plus 800 bps to 850 bps talk, according to a market source.

Also, the Libor floor was reduced to 1.5% from 1.75%, and the original issue discount tightened to 99 from talk of 98 to 981/2, the source said.

As before, there is call protection of 103 in year one, 102 in year two and 101 in year three.

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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