Vertafore $625 million facility expected as early July business

By Sara Rosenberg

New York, June 17 - Vertafore Inc.'s proposed $625 million senior credit facility is anticipated to launch with a bank meeting in early July, according to a market source.

Credit Suisse, Bank of America and Barclays are the lead banks on the deal, with Credit Suisse the left lead. RBC is a documentation agent.

The facility consists of a $75 million revolver and a $550 million term loan, the source said.

Proceeds, along with $240 million of junior debt and equity, will be used to help fund the buyout of the company by TPG Capital from Hellman & Friedman and JMI Equity for a total consideration of $1.4 billion.

The acquisition is expected to close in the third quarter, subject to customary regulatory approvals.

Leverage will be 4.5 times through the first-lien and 6.5 times total, and the equity contribution is 47%.

Vertafore is a Bothell, Wash.-based provider of software and information to the insurance distribution channel.

© 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.