Vertafore to launch $1.2 billion credit facility on Wednesday

By Sara Rosenberg

New York, June 6 – Vertafore (VF Holding Corp.) is set to hold a bank meeting at 10:30 a.m. ET in New York on Wednesday to launch a $1.2 billion credit facility, according to a market source.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc. and Mizuho are the leads on the deal.

The facility consists of a $100 million five-year revolver and a $1.1 billion seven-year covenant-light first-lien term loan, the source said.

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

Commitments are due on June 22, the source added.

Proceeds will be used to help fund the buyout of the company by Bain Capital Private Equity and Vista Equity Partners from TPG Capital.

Closing is expected in the third quarter.

Vertafore is a Bothell, Wash.-based provider of software and information to the insurance distribution channel.

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