Zywave launches $121.5 million add-on term loan B at 98.5 OID

By Sara Rosenberg

New York, Dec. 9 – Zywave, Inc. launched on Wednesday its $121.5 million add-on covenant-lite first-lien term loan B due Nov. 12, 2027 with price talk of Libor plus 450 basis points with a 0.75% Libor floor and an original issue discount of 98.5, according to a market source.

Amortization on the term loan is 1% per annum, the source said.

Morgan Stanley Senior Funding, Inc., BNP Paribas Securities Corp., Antares Capital and Ares are the joint lead arrangers and bookrunners on the deal.

Commitments are due at noon ET on Dec. 18, the source added.

Proceeds will be used with a $49.5 million privately placed add-on second-lien term loan to finance the acquisition of Insurance Technologies Corp. (ITC) from Accel-KKR and to pay fees and expenses related to the transaction.

Zywave, a Clearlake Capital Group LP and Aurora Capital Partners portfolio company, is a Milwaukee-based insurance technology provider. ITC is a Carrollton, Tex.-based provider of marketing, rating and agency management software solutions to the insurance industry.

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