Sovos Compliance talks $1.46 billion term loan at Libor plus 475 bps

By Sara Rosenberg

New York, July 21 – Sovos Compliance LLC launched on Wednesday its $1.46 billion seven-year first-lien term loan (B3/B-), of which $215 million is delayed-draw, with price talk of Libor plus 475 basis points with a 0.75% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for one year.

Ticking fees on the delayed-draw tranche are half the margin from days 61 to 90 and the full margin thereafter.

Credit Suisse Securities (USA) LLC, Fifth Third, Jefferies LLC and Mizuho are the arrangers on the deal.

Commitments are due at 5 p.m. ET on July 29.

Proceeds will be used to refinance existing debt, finance acquisition activity and fund a shareholder distribution.

Sovos Compliance is a provider of indirect tax and regulatory compliance software.

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