EagleView cuts spread on $535 million term B to Libor plus 350 bps

By Sara Rosenberg

New York, July 31 – EagleView Technology Corp. reduced pricing on its $535 million seven-year covenant-light first-lien term loan B (B2/B+) to Libor plus 350 basis points from Libor plus 375 bps, according to a market source.

Also, the original issue discount on the term loan B firmed at 99.5, the tight end of the 99 to 99.5 talk, the source said.

The term loan B still has a 0% Libor floor and 101 soft call protection for six months.

The company’s $850 million of senior secured credit facilities also include an $85 million five-year revolver (B2/B+) and a $230 million pre-placed second-lien term loan (Caa2/CCC+).

Morgan Stanley Senior Funding Inc., Barclays, Credit Suisse Securities (USA) LLC, Goldman Sachs Bank USA and Macquarie Capital (USA) Inc. are the joint lead arrangers and bookrunners on the deal.

Recommitments were scheduled to be due at 10 a.m. ET on Tuesday, the source added.

Proceeds will be used to help support a significant new equity investment by Clearlake Capital Group LP, refinance an existing first-lien term loan, fund a dividend to shareholders and pay related fees and expenses.

As part of the transaction, Vista Equity Partners will remain a significant owner of the company.

Closing is expected in the third quarter.

EagleView is a Bothell, Wash.-based provider of aerial imagery and property data analytics.

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