Vertafore to launch $695 million credit facility on Thursday

By Sara Rosenberg

New York, March 20 - Vertafore Inc. is scheduled to hold a conference call at 10:30 a.m. ET on Thursday to launch a $695 million credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, Barclays and RBC Capital Markets are the lead banks on the deal.

The facility consists of a $75 million revolver due April 2018 and a $620 million first-lien covenant-light term loan due October 2019, the source said.

Price talk on the term loan is Libor plus 325 basis points to 350 bps with a 1% Libor floor and an original issue discount of 991/2, the source continued.

The term loan has 101 repricing protection for one year.

Proceeds will be used to reprice and extend the company's existing credit facility. Currently, the company's term loan is priced at Libor plus 375 bps with a 1.5% Libor floor.

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

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