RevSpring flexes $207 million first-lien loan to Libor plus 550 bps

By Sara Rosenberg

New York, Nov. 28 – RevSpring increased pricing on its $207 million seven-year first-lien term loan (B2/B) to Libor plus 550 basis points from talk of Libor plus 475 bps to 500 bps, according to a market source.

Also, the original issue discount on the first-lien term loan was changed to 98 from 99, the source said.

As before, the first-lien term loan has a 1% Libor floor, 101 soft call protection for six months and a leverage covenant.

The company’s credit facility also provides for a $20 million revolver (B2/B) and an $83 million second-lien term loan (Caa2/CCC) that was pre-placed.

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

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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