Verra Mobility to launch $250 million add-on term loan on Monday

By Sara Rosenberg

New York, Nov. 12 – Verra Mobility Corp. will hold a lender call at 11 a.m. ET on Monday to launch a fungible $250 million add-on term loan B due 2028, according to a market source.

BofA Securities Inc. is the lead on the deal.

Verra’s existing term loan B is priced at Libor plus 325 basis points with a 0% Libor floor.

Proceeds from the add-on and cash on hand will be used to fund the acquisition of T2 Systems, a provider of parking software and hardware solutions, from Thoma Bravo for $347 million.

Closing is expected by the end of the fourth quarter.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.