Vungle finalizes $315 million term loan B discount at 98.5

By Sara Rosenberg

New York, Sept. 25 – Vungle Inc. firmed the original issue discount on its $315 million seven-year covenant-lite first-lien term loan B at 98.5, the midpoint of revised talk of 98 to 99 and wide of initial talk of 99, according to a market source.

Also, the 101 soft call protection on the term loan B was extended to one year from six months, the source said.

Pricing on the term loan B is Libor plus 550 basis points with a 0% Libor floor.

The term loan B has amortization of 1% per annum.

Earlier in syndication, the term loan B was downsized from $350 million, pricing was increased from talk in the range of Libor plus 450 bps to 475 bps and some changes were made to documentation.

The company’s $365 million of senior secured credit facilities (B2/B) also include a $50 million five-year revolver.

Morgan Stanley Senior Funding Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Nomura Securities International Inc. are the joint lead arrangers and bookrunners on the deal. Morgan Stanley is the administrative agent.

Proceeds will be used to help fund the buyout of the company by Blackstone and pay fees and expenses related to the financing.

Closing is expected during the week of Sept. 30.

Vungle is a San Francisco-based performance marketing platform for in-app video advertisements on mobile devices.

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