Vertafore tightens issue price on $75 million term loan add-on to 98½

By Sara Rosenberg

New York, July 14 - Vertafore Inc. moved the original issue discount on its $75 million add-on term loan (B+) to 98½ from 98, according to a market source.

Pricing on the add-on is Libor plus 375 basis points with a 1.5% Libor floor, in line with pricing on the company's existing term loan that was obtained early this year at a par offer price.

There is 101 soft call protection for one year.

Credit Suisse Securities (USA) LLC and Bank of America Merrill Lynch are the lead banks 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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