Veritext refinancing to have $720 million secured debt via JPMorgan

By Paul A. Harris

Portland, Ore., July 25 – Veritext will use proceeds from $720 million of secured debt to refinance its capital structure, according to a market source.

J.P. Morgan Securities LLC will be the left lead.

The debt in question will come as a bond deal, according to Moody’s Investors Service, which assigned its B2 rating to the company's new “senior secured notes” on Tuesday.

It comes in addition to a $720 million term loan B that was set to launch on Tuesday via Goldman Sachs, JPMorgan BNP Paribas, Jefferies, Macquarie and KKR.

In addition to the refinancing, the Florham Park, N.J.-based provider of legal services to law firms and corporations plans to use some proceeds from the loan and notes to fund cash to its balance sheet.

Veritext equity sponsors are CVC Capital Partners, GIC and Leonard Green Partners.

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