Cvent launches $150 million add-on term loan at 98.5-99 OID

By Sara Rosenberg

New York, Dec. 4 – Cvent Holding Corp. (Capstone Borrower Inc.) held a lender call at 12:30 p.m. ET on Monday to launch a fungible $150 million add-on senior secured first-lien covenant-lite term loan B due June 15, 2030 (//BB) that is talked with an original issue discount of 98.5 to 99, according to a market source.

Pricing on the add-on term loan is SOFR plus 375 basis points with a 0% floor.

The add-on term loan has amortization of 1% per annum and 0 bps CSA, the source said.

Morgan Stanley Senior Funding Inc., UBS Securities LLC, Citizens Bank, Fifth Third, MUFG, RBC Capital Markets and Blackstone are the bookrunners on the deal. Morgan Stanley is the agent.

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

Proceeds will be used to finance two tuck-in acquisitions and for other general corporate purposes, including working capital and other purposes, and to pay fees and expenses in connection with this transaction.

Cvent is a Tysons, Va.-based provider of meetings, events and hospitality technology.

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