Vewd Software withdraws $135 million credit facilities from market

By Sara Rosenberg

New York, Aug. 21 – Vewd Software pulled its $135 million of credit facilities from the primary market, according to a market source.

The facilities consisted of a $10 million five-year revolver and a $125 million five-year first-lien term loan.

Talk on the revolver was Libor plus 500 basis points with a 0% Libor floor, and talk on the term loan was Libor plus 700 bps with a 0% Libor floor, an original issue discount of 98 and 101 soft call protection for six months.

During the syndication attempt, the term loan was downsized from $145 million, pricing was increased from Libor plus 600 bps, the discount was revised from 99 and the maturity was shortened from six years.

BNP Paribas Securities Corp. was the lead on the deal.

Proceeds were going to be used to refinance existing debt and buy out a minority shareholder.

Vewd is a Norway-based smart TV OTT software provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.