Virtusa firms $599 million term loan B Libor floor at 0.75%

By Sara Rosenberg

New York, Sept. 23 – Virtusa Corp. finalized the Libor floor on its $599 million term loan B at 0.75%, the high end of the 0.5% to 0.75% talk, according to a market source.

Pricing on the term loan remained at Libor plus 375 basis points with a par issue price.

The term loan has 101 soft call protection for six months.

BofA Securities Inc. is the left lead on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 425 bps with a 0.75% Libor floor.

Virtusa is a Southborough, Mass.-based provider of digital strategy, digital engineering, and IT services and solutions that help clients change and disrupt markets through innovation engineering.

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