Veritex to price $720 million seven-year senior secured notes; early whisper high 8% area

By Abigail W. Adams

Portland, Me., July 31 – VT Topco Inc. (Veritext) plans to price $720 million of seven-year first-lien senior secured notes (B2/B) with early guidance for a yield in the high 8% area, according to a market source.

The notes are non-callable for three years.

Pricing is expected on Aug. 3.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BNP Paribas Securities Corp., Jefferies LLC, KKR & Co. Inc., and Macquarie Group Ltd. are bookrunners for the Rule 144A and Regulation S offering.

Proceeds, together with the concurrent term loan, will be used to repay the company’s existing senior secured credit facilities in full and provide cash to its balance sheet.

Veritext is a Florham Park, N.J.-based provider of legal services to law firms and corporations.

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