Veracode launches $300 million term loan B at Libor plus 400-425 bps

By Sara Rosenberg

New York, Oct. 15 – Veracode (Valkyr Purchaser LLC) launched on Thursday its $300 million seven-year first-lien term loan B with price talk of Libor plus 400 basis points to 425 bps with a 0.75% 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.

Security is a first-priority perfected interest in all of the existing and hereafter acquired real and intangible assets of the borrower and its subsidiaries.

Barclays and Deutsche Bank Securities Inc. are the bookrunners on the deal. Barclays is the administrative agent.

Commitments are due at 5 p.m. ET on Oct. 28, the source added.

Proceeds will be used to refinance the company’s $300 million of existing borrowings and pay related fees and expenses.

Veracode is a Burlington, Mass.-based provider of SaaS based application security testing solutions designed to enhance security and proactively prevent security breaches.

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