S&P rates Vertafore loan B+

Standard & Poor's said it assigned its B+ issue-level ratings to Vertafore Inc.'s proposed $75 million first-lien tack-on term loan B due 2016.

The new rating is one notch above the company's B corporate credit rating and is the same as the rating on Vertafore's existing first-lien debt, the agency noted.

The company is issuing the debt under the $200 million incremental facility contained in its existing first-lien credit agreement to fund a $75 million acquisition, S&P stated, adding that the company is seeking an amendment to the credit agreement to waive the 4.25x pro forma leverage test that needs to be met to access the incremental facility and make the acquisition.

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