Veritext lowers seven-year secured notes to $500 million, sets talk at 8½%-8¾%; pricing Thursday

By Paul A. Harris

Portland, Ore., Aug. 2 – Veritext downsized its offering of VT Topco, Inc. seven-year senior secured notes (B2/B/B+) to $500 million from $720 million on Wednesday, according to market sources.

The notes are talked to yield 8½% to 8¾%, inside of early guidance in the high 8% area, with pricing set for Thursday.

The Rule 144A and Regulation S notes come with three years of call protection.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, BNP Paribas Securities Corp., Jefferies LLC, Macquarie Capital (USA) Inc. and KKR Capital Markets LLC are managing the sale.

Concurrently with the downsizing of the notes, Veritext upsized its seven-year term loan B to $940 million from $720 million. The loan is also set to price on Thursday.

The Florham Park, N.J.-based provider of legal services to law firms and corporations plans to use proceeds from the loan and notes to refinance its capital structure and add cash to its balance sheet.

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