Vertafore launches $60 million incremental loan at par issue price

By Sara Rosenberg

New York, April 3 – Vertafore Inc. (VF Holding Corp.) launched on Monday morning a $60 million incremental covenant-light first-lien term loan due June 2023 that is talked at Libor plus 325 basis points with a 1% Libor floor and a par issue price, according to a market source.

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

The incremental term loan has the same call protection as the company’s existing first-lien term loan, the source said.

Proceeds will be used for general corporate purposes, including acquisitions.

Commitments were scheduled to be due at 5 p.m. ET on Monday, the source added.

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

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