Active Network details $505 million facility for buyout by Vista

By Sara Rosenberg

New York, Oct. 8 - Active Network, Inc. released more details on its $505 million senior secured credit facility that will be used to help fund its acquisition by Vista Equity Partners, according to an SC TO-T filed with the Securities and Exchange Commission on Tuesday.

The facility consists of a $45 million five-year revolver expected at Libor plus 400 basis points with a 50 bps unused fee, a $305 million seven-year covenant-light first-lien term loan expected at Libor plus 400 bps with a 1% Libor floor and a $155 million 71/2-year covenant-light second-lien term loan expected at Libor plus 800 bps with a 1% Libor floor, the filing said.

The first-lien term loan has 101 soft call protection for six months and amortization of 1% per annum, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Previously, all that was disclosed on the financing was that it would include $350 million of first-lien loans and $155 million of second-lien loans.

BofA Merrill Lynch, RBC Capital Markets LLC and BMO Capital Markets Corp. are the joint lead arrangers and bookrunners on the deal.

Under the agreement, Active Network is being purchased for $14.50 per share in cash, or about $1.05 billion.

Other funds for the transaction will come from $660 million of equity.

Closing is expected by the end of the fourth quarter, subject to satisfaction of a minimum tender condition, expiration or termination of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, receipt of financing and other customary conditions.

Active Network is a San Diego-based provider of cloud-based activity and participant management solutions.

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