Vertafore sets July 8 launch for $625 million senior credit facility

By Sara Rosenberg

New York, June 30 - Vertafore Inc. has scheduled a bank meeting for 10 a.m. ET on July 8 to launch its proposed $625 million senior credit facility, 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.

As was previously reported, the facility consists of a $75 million revolver and a $550 million term loan. Price talk is not yet available, 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.

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