Lereta finalizes $250 million term loan B at Libor plus 525 bps

By Sara Rosenberg

New York, July 27 – Lereta LLC firmed pricing on its $250 million seven-year term loan B at Libor plus 525 basis points, the low end of the Libor plus 525 bps to 550 bps talk, according to a market source.

The term loan still has a 0.75% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Covenants include a first-lien net leverage ratio of 7.7x with no step-down.

The company’s $280 million of credit facilities (B2/B-) also include a $30 million five-year revolver.

Truist Securities is the lead arranger on the deal.

Proceeds will be used to help fund the buyout of the company by Flexpoint Ford and Vestar Capital Partners from equity holders, including Tarsadia Investments LLC.

Lereta is a Pomona, Calif.-based provider of real estate tax and flood services for mortgage servicers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.