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Vertafore cuts spread on $550 million term loan to Libor plus 375 bps
By Sara Rosenberg
New York, Jan. 28 - Vertafore Inc. reverse flexed pricing on its $550 million first-lien term loan to Libor plus 375 basis points from Libor plus 400 bps, according to a market source.
As before, the loan has a 1.5% Libor floor and 101 soft call protection for one year and is being issued at a price of par.
Recommitments were due from lenders at 5 p.m. ET on Friday.
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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