Vertafore launches $1.1 billion term loan at Libor plus 400-425 bps

By Sara Rosenberg

New York, June 8 – Vertafore (VF Holding Corp.) launched on Wednesday its $1.1 billion seven-year covenant-light first-lien term loan with price talk of Libor plus 400 basis points to 425 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months.

The company’s $1.2 billion credit facility (B2/B-) also includes a $100 million five-year revolver.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc. and Mizuho are the leads on the deal.

Commitments are due on June 22.

Proceeds will be used to help fund the buyout of the company by Bain Capital Private Equity and Vista Equity Partners from TPG Capital.

Closing is expected in the third quarter.

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

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