Veracode launches $580 million term loan at SOFR plus 400-425 bps

By Sara Rosenberg

New York, April 11 – Veracode (Mitnick Corporate Purchaser Inc.) launched on Monday its $580 million seven-year first-lien term loan (B2/B/BB-) with price talk of SOFR+10 basis points CSA plus 400 bps to 425 bps with a 0.5% floor and an original issue discount of 98.5, according to a market source.

The term loan has 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the left lead bookrunner and administrative agent on the deal.

Commitments are due at noon ET on April 20.

Proceeds will be used to help fund the buyout of the company by TA Associates in a transaction that values Veracode at $2.5 billion. Veracode’s current majority investor, Thoma Bravo, will retain a minority position in the business.

Closing is expected this quarter, subject to customary conditions.

Veracode is a Burlington, Mass.-based provider of application security solutions.

© 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.