RevSpring launches $207 million term loan at Libor plus 475-500 bps

By Sara Rosenberg

New York, Nov. 7 – RevSpring launched on Monday its $207 million seven-year first-lien term loan with price talk of Libor plus 475 basis points to 500 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The first-lien term loan has 101 soft call protection for six months, the source said.

Covenants include a leverage test.

The company’s credit facility also provides for a $20 million revolver and an $83 million second-lien term loan that was pre-placed.

Jefferies Finance LLC and Madison Capital are the leads on the deal.

Commitments are due on Nov. 18, the source added.

Proceeds will be used to help fund the buyout of the company by GTCR.

Pro forma first-lien leverage is 4.5 times, and second-lien leverage is 6.3 times.

RevSpring is a Wixom, Mich.-based billing and consumer communication platform that allows for the receipt of payments faster with more connection options.

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