Cvent Holding revises $150 million add-on term loan OID to 99.5

By Sara Rosenberg

New York, Dec. 5 – Cvent Holding Corp. (Capstone Borrower Inc.) tightened the original issue discount on its fungible $150 million add-on senior secured first-lien covenant-lite term loan B due June 15, 2030 (//BB) to 99.5 from talk in the range 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.

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.

Recommitments were scheduled to be due at 3:30 p.m. ET on Tuesday, the source added. Prior to the original issue discount change, the commitment deadline had been accelerated to 2 p.m. ET on Tuesday from 5 p.m. ET on Wednesday.

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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