Open Lending to launch $225 million term loan B on Thursday

By Sara Rosenberg

New York, Jan. 6 – Open Lending LLC is scheduled to hold a bank meeting on Thursday to launch a $225 million term loan B, according to a market source.

UBS Investment Bank is the lead arranger on the deal.

Proceeds will be used for a dividend recapitalization, the source said.

Separately, on Monday, the company announced that it is being acquired by Nebula Acquisition Corp., a special purpose acquisition company sponsored by True Wind Capital LP, and the combined company will become a publicly listed entity with an implied estimated enterprise value at closing of about $1.3 billion.

The consideration payable to the stockholders of Open Lending will consist of a combination of cash and shares of common stock. In addition to the $275 million of cash held in Nebula’s trust account, additional investors have committed to participate in the transaction through a $200 million private placement of common stock at $10.00 per share.

Upon closing, the combined company will be named Open Lending Corp.

The combination is expected to close in the second quarter. The dividend recapitalization term loan B transaction is anticipated to close prior to completion of the combination.

Open Lending is an Austin, Tex.-based provider of lending enablement and risk analytics solutions to financial institutions.

© 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.