Navex Global reveals talk on $310 million credit facility with launch

By Sara Rosenberg

New York, Oct. 30 – Navex Global came out with price talk on its $310 million credit facility in connection with its Thursday bank meeting, according to a market source.

The $20 million five-year revolver is talked at Libor plus 450 basis points to 475 bps with no floor, the $200 million seven-year first-lien covenant-light term loan is talked at Libor plus 450 bps to 475 bps with a 1% Libor floor and an original issue discount of 99, and the $90 million eight-year second-lien covenant-light term loan is talked at Libor plus 825 bps with a 1% Libor floor and a discount of 98½, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

Commitments are due on Nov. 13, the source added.

GE Capital Markets and Golub Capital are the joint lead arrangers on the deal.

Proceeds will be used with equity to fund the buyout of the company by Vista Equity Partners from the Riverside Co.

Navex Global is a Lake Oswego, Ore.-based provider of ethics and compliance software, content and services.

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