Vertafore launches $75 million term loan add-on at Libor plus 375 bps

By Sara Rosenberg

New York, July 6 - Vertafore Inc. launched a $75 million add-on term loan on Wednesday with price talk of Libor plus 375 basis points with a 1.5% Libor floor and an original issue discount of 98, according to a market source.

Pricing on the add-on matches pricing on the company's existing term loan that was obtained early this year at a par offer price.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Proceeds from the add-on will be used to fund an acquisition.

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

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