Veritext launches $50 million add-on term loan at 99.5 OID

By Sara Rosenberg

New York, July 18 – Veritext Corp. launched on Thursday its fungible $50 million add-on term loan with original issue discount talk of 99.5, according to a market source.

Pricing on the add-on term loan is Libor plus 375 basis points with a 0% Libor floor.

The add-on term loan has 101 soft call protection for six months, the source said.

BNP Paribas Securities Corp. is the lead on the deal.

Commitments are due on July 25, the source said.

Proceeds will be used to repay revolving credit facility borrowings.

Veritext is a Livingston, N.J.-based provider of deposition and litigation support solutions for law firms and corporations.

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