EverCommerce firms $550 million of term loans at Libor plus 550 bps, high end of talk

By Sara Rosenberg

New York, Aug. 19 – EverCommerce finalized pricing on its $415 million six-year covenant-lite first-lien term loan and $135 million six-year covenant-lite delayed-draw first-lien term loan at Libor plus 550 basis points, the high end of the Libor plus 525 bps to 550 bps talk, according to a market source.

Also, the original issue discount on the term loan debt was revised to 98 from 99 and the call protection was changed to a 101 hard call for 18 months from a 101 soft call for six months, the source said.

The term loan debt still has a 0% Libor floor.

The delayed-draw term loan availability period is one year, and there is a ticking fee of 1.5% starting 60 days from closing.

The company’s $600 million of credit facilities also include a $50 million revolver.

Allocations went out on Monday, the source added.

KKR Capital Markets, Ares Capital and Jefferies LLC are the lead arrangers on the deal.

Proceeds will be used to help fund Silver Lake’s acquisition of a significant ownership stake in the company.

Silver Lake will partner with existing majority shareholder Providence Strategic Growth, the growth equity affiliate of Providence Equity Partners.

EverCommerce is a service commerce platform connecting best-of-breed technologies and solutions for service sector businesses.

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