Conservice launches $728 million term loan at SOFR plus 400 bps

By Sara Rosenberg

New York, Jan. 10 – Conservice Midco LLC held a lender call at 3 p.m. ET on Wednesday to launch a roughly $728 million first-lien term loan due May 2027 that is talked at SOFR plus 400 basis points with a 0% floor, according to a market source.

Of the total term loan amount, $67.5 million is a fungible add-on that will be used to partially repay a second-lien term loan and fees and expenses, and the remainder is a repricing of the existing first-lien term loan.

New money commitments are talked with an original issue discount of 99.75 and existing lender commitments are talked with a par issue price, the source said.

The term loan has 101 soft call protection for six months.

UBS Investment Bank is the lead arranger on the deal.

Commitments are due at 5 p.m. ET on Tuesday, the source added.

Conservice is a River Heights, Utah-based provider of utility management and billing software solutions to property owners and managers.

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