Verra Mobility reprices $894.4 million term B at Libor plus 325 bps

By Wendy Van Sickle

Columbus, Ohio, Feb. 25 – Verra Mobility Inc. closed a refinancing of its $894.4 million term loan B, which reduced pricing by 50 basis points to Libor plus 325 bps with a 0% Libor floor, according to an 8-K filing with the Securities and Exchange Commission.

The amendment to the term loan was completed on Feb. 20.

The maturity date remains Feb. 28, 2025, and no changes were made to the financial covenants.

Bank of America, NA is the bookrunner and administrative agent and is a joint lead arranger along with Morgan Stanley Senior Funding, Inc., BMO Capital Markets Corp., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc.

Morgan Stanley and Deutsche Bank are the co-documentation agents. BMO and Credit Suisse are the co-syndication agents.

Verra Mobility is a Mesa, Ariz.-based provider of tech-enabled smart transportation solutions.

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