Zywave seeks $130 million credit facility at Libor plus 550 bps

By Sara Rosenberg

New York, Oct. 25 - Zywave Inc. is in market with a $130 million credit facility that is being talked at Libor plus 550 basis points with a 1.5% Libor floor and an original issue discount of 99, according to a market source.

The facility consists of a $10 million revolver and a $120 million term loan, the source said.

BMO Capital Markets Corp. is the lead bank on the deal that launched last week.

Proceeds will be used for acquisition financing.

Net debt is 3.75 times, according to the source.

Zywave is a Milwaukee-based developer of employee benefits and property & casualty insurance software.

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