Cvent obtains five-year $500 million revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, May 31 – Cvent Inc. entered into a new five-year $500 million senior secured revolving credit facility on May 27 with PNC Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The revolver replaces the existing credit facility dated Nov. 30, 2017.

The new revolver has a $35 million sublimit for letters of credit. The company may request to increase commitments to a total amount not to exceed $150 million plus the amount of any prepayment of the loans, to the extent accompanied by a corresponding permanent reduction in the amount of the revolver then outstanding, plus an unlimited additional amount, subject to pro forma compliance with a total net leverage ratio of 3.50 to 1.00 or 4.00 to 1.00 in limited circumstances, plus some specified issuance and other builder baskets.

Borrowings will bear interest at an adjusted term SOFR plus a margin ranging from 175 basis points to 250 bps, and the commitment fee ranges from 20 bps to 35 bps, depending on net leverage ratio.

The company must comply with a maximum net leverage ratio covenant of 4.00 to 1.00, which may rise to 4.50 to 1.00 following certain acquisitions.

At closing, Cvent borrowed $265 million under the revolver and used borrowings, together with cash on hand, to repay all outstanding obligations under the prior credit agreement and to pay certain costs and fees associated with the closing of the new credit agreement.

PNC and Capital One, NA are the joint lead arrangers and bookrunners. Capital One is the syndication agent.

Fifth Third Bank, NA and Citizens Bank, NA are the documentation agents.

Cvent is a Tysons Corner, Va.-based software-as-a-service solutions provider to the enterprise meetings and event management industry.

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