Vertafore modifies $170 million add-on term loan OID to 97.25

By Sara Rosenberg

New York, May 23 – Vertafore Inc. widened the original issue discount on its $170 million add-on covenant-lite first-lien term loan to 97.25 from 98.625, according to a market source.

Pricing on the first-lien term loan is Libor plus 325 basis points with 0% Libor floor.

The add-on term loan broke for trading on Thursday at 97¼ bid, 97¾ offered, another source added.

Golub Capital is the lead on the deal.

Proceeds will be used to fund an acquisition.

The existing first-lien term loan is sized at about $1.6 billion.

Bain Capital and Vista Equity Partners are the sponsors.

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

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