| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers V > Headlines for Verint Systems Inc. > News item |
Verint Systems lowers tack-on loan spread, adds repricing to the mix
By Sara Rosenberg
New York, Jan. 16 - Verint Systems Inc. reduced pricing on its $300 million covenant-light tack-on term loan (BB-) due Sept. 6, 2019 to Libor plus 275 basis points from Libor plus 300 bps with a 25 bps step-down at Ba3/BB- ratings, according to a market source.
In addition, the company is now looking to reprice its existing $645 million covenant-light term loan due Sept. 6, 2019 to Libor plus 275 bps from Libor plus 300 bps with a 25 bps step-down at Ba3/BB- ratings, the source said.
Also, the Libor floor on the tack-on loan and the repriced loan was cut to 0.75% from 1%, and the debt will now have 101 soft call protection through Sept. 7, 2014 instead of through March 6, 2014, the source continued.
The tack-on loan is still being offered at an original issue discount of 993/4.
The repricing is offered at par, and the repriced loan has a ticking fee of the full spread starting on Feb. 3.
Commitments are due on Wednesday, extended from Friday, the source added.
Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.
Proceeds from the tack-on loan will be used to help fund the acquisition of KANA Software Inc. from Accel-KKR for about $514 million.
Other funds for the transaction will come from about $100 million of 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.
© 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.