Verra Mobility widens $650 million term loan B to Libor plus 325 bps

By Sara Rosenberg

New York, March 19 – Verra Mobility Corp. increased pricing on its $650 million seven-year term loan B (B1/BB-) to Libor plus 325 basis points from talk in the range of Libor plus 275 bps to 300 bps, according to a market source.

The term loan still has a 0% Libor floor, an original issue discount of 99.5 and 101 soft call protection for six months.

BofA Securities Inc. is the lead on the deal.

Recommitments were scheduled to be due at 10:30 a.m. ET on Friday, the source added.

Proceeds will be used with $350 million of senior unsecured notes to repay an existing $866 million term loan B due 2025, to fund the purchase price for the acquisition of Redflex Holdings Ltd. and for general corporate purposes.

Verra Mobility is a Mesa, Ariz.-based provider of smart mobility technology solutions.

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