Verint plans $300 million incremental term loan for KANA purchase

By Sara Rosenberg

New York, Jan. 6 - Verint Systems Inc. has received a commitment for an up to $300 million incremental term loan due Sept. 6, 2019 to help fund its acquisition of KANA Software Inc., according to an 8-K filed with the Securities and Exchange Commission on Monday.

Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.

The incremental term loan would be done under an amendment to the company's existing credit facility.

Under the agreement, KANA is being purchased from Accel-KKR for about $514 million.

Other funds for the transaction will come from about $100 million in cash on hand and a revolver draw.

Closing is expected in the fiscal quarter ended April 30, subject to the expiration of applicable regulatory waiting periods and the satisfaction or waiver of other customary conditions.

Verint is a Melville, N.Y.-based provider of actionable intelligence and value-added services. KANA is a Silicon Valley, Calif.-based provider of customer service solutions delivered both on-premises and in the cloud.

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