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Verint prices $650 million seven-year term loan
By Paul A. Harris
St. Louis, May 23 - Verint Systems Inc. priced its $650 million Libor plus 275 basis points term loan at 99.5 on Wednesday, according to a trader, who added that the paper had traded to as high as 100.125 bid, up 0.625 point.
Lehman Brothers, Deutsche Bank and Credit Suisse were the bookrunners.
The $675 million credit facility also includes a six-year revolving credit facility talked at Libor plus 275 bps. There is a one-time step down based on ratings and filing of audited financials.
Proceeds will be used to help fund the acquisition of Witness Systems, Inc.
Verint is a Melville, N.Y., provider of analytic software-based solutions for security and business intelligence.
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