Conservice to launch $475 million first-lien term loan on Thursday

By Sara Rosenberg

New York, April 29 – Conservice Midco LLC is scheduled to hold a lender call at 11 a.m. ET on Thursday to launch a $475 million seven-year covenant-lite first-lien term loan, according to a market source.

The company’s $715 million of credit facilities also include a $50 million revolver and a $190 million privately placed second-lien term loan.

Credit Suisse Securities (USA) LLC and Golub are the lead arrangers on the deal.

The first-lien term loan has 101 soft call protection for one year, the source said.

Commitments are due at 5 p.m. ET on May 7, the source added.

Proceeds will be used to help fund a significant strategic investment in the company by Advent International, who will join existing investor TA Associates.

Conservice is a Logan, Utah-based provider of utility management software and billing solutions to property owners and managers.

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