HarbourVest Partners to launch $350 million term loan on Tuesday

By Sara Rosenberg

New York, Jan. 17 - HarbourVest Partners LP will hold a conference call at 10 a.m. ET on Tuesday to launch a $350 million first-lien covenant-light term loan due January 2021, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

The term loan is talked at Libor plus 250 basis points with a 0.75% Libor floor and a par offer price, the source said.

Included in the loan is 101 soft call protection for six months.

Proceeds will be used to refinance/reprice an existing term loan due November 2017 that is priced at Libor plus 375 bps with a 1% Libor floor and repay subordinated notes.

Commitments are due on Jan. 28, the source added.

HarbourVest is a Boston-based private equity firm.

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