Veregy launches $250 million term loan at Libor plus 575 bps

By Sara Rosenberg

New York, Oct. 16 – Veregy launched on Friday its $250 million seven-year covenant-lite first-lien term loan with price talk of Libor plus 575 basis points with a 1% Libor floor and an original issue discount of 98 to 98.5, according to a market source.

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

The company’s $342.5 million of credit facilities also include a $42.5 million revolver and a $50 million delayed-draw term loan available for 24 months.

UBS Investment Bank and BNP Paribas Securities Corp. are the leads on the deal.

Commitments are due on Oct. 30, the source added.

Proceeds will be used to help fund the buyout of the company by Court Square Capital.

Veregy is a Phoenix-based provider of energy efficiency solutions, solar and smart building technology.

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