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Vertafore launches $550 million term loan at Libor plus 400 bps
By Sara Rosenberg
New York, Jan. 24 - Vertafore Inc. launched its $550 million first-lien term loan on Monday with price talk of Libor plus 400 basis points with a 1.5% Libor floor at a price of par, according to a market source.
There is 101 soft call protection for one year.
Credit Suisse and Bank of America are the lead banks on the deal, with Credit Suisse the left lead.
Proceeds will be used to refinance/reprice an existing $550 million first-lien term loan that is priced at Libor plus 500 bps with a 1.75% Libor floor.
The maturity on the new term loan will be July 2016, the same maturity as the existing loan that is being replaced.
Vertafore is a Bothell, Wash.-based provider of software and information to the insurance distribution channel.
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