Vertafore to launch refinancing of $550 million term loan on Monday

By Sara Rosenberg

New York, Jan. 21 - Vertafore Inc. is set to hold a conference call on Monday to launch a refinancing/repricing of its $550 million first-lien term loan, according to a market source.

The new term loan is expected to be priced lower than the Libor plus 500 basis points with a 1.75% Libor floor pricing that the existing loan carries, the source said.

In addition, the new loan is expected have 101 soft call protection for one year.

The maturity on the term loan will remain unchanged at July 2016.

Credit Suisse and Bank of America are the lead banks on the deal, with Credit Suisse the left lead.

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

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