Vertafore $620 million first-lien deal allocates, trades above par

By Paul A. Harris

Portland, Ore., March 28 - Vertafore Inc. priced its $620 million Libor plus 325 basis points first-lien covenant-light term loan due October 2019 (B1/B+) at 993/4, according to a market source.

The deal allocated and traded at 100½ bid, according to a trader.

The spread came at the tight end of the Libor plus 325 bps to 350 bps spread talk.

The reoffer price came 25 cents rich to the discount talk of 991/2.

The loan features a 1% Libor floor and 101 repricing protection for one year.

The $695 million credit facility also has a $75 million revolver due April 2018.

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

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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