Vertafore $220 million credit facility to launch Tuesday

By Sara Rosenberg

New York, Nov. 29 - Vertafore Inc. (formerly AMS Services Inc.) is scheduled to hold a bank meeting on Tuesday to launch its proposed $220 million credit facility, according to a market source. Credit Suisse First Boston is the sole lead bank on the deal.

The facility consists of a $20 million five-year revolver talked at Libor plus 300 basis points, a $120 million six-year first-lien term loan talked at Libor plus 300 basis points, and an $80 million seven-year second-lien term loan talked at Libor plus 650 basis points, the source said.

Proceeds will be used to help fund the purchase of Vertafore by Hellman & Friedman LLC and JMI Equity from MMC Capital Inc. and other minority investors.

The transaction is expected to close before year-end.

Vertafore is a Windsor, Conn., enterprise software and information services provider to the property and casualty insurance industry.

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