Vertafore launches $170 million add-on term loan at 98.625 OID

By Sara Rosenberg

New York, May 13 – Vertafore Inc. launched on Monday its fungible $170 million add-on covenant-lite first-lien term loan with original issue discount talk of 98.625, according to a market source.

Pricing on the first-lien term loan is Libor plus 325 basis points with 0% Libor floor.

The add-on term loan has 101 soft call protection for six months, the source said.

Golub Capital is the lead on the deal.

Commitments are due on May 21, the source added.

Proceeds will be used to fund an acquisition.

No changes are expected to ratings.

The existing first-lien term loan is sized at about $1.6 billion.

Bain Capital and Vista Equity Partners are the sponsors.

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

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