Veritext to launch $725 million credit facilities on Thursday

By Sara Rosenberg

New York, July 21 – Veritext Corp. (VT TopCo Inc.) is scheduled to hold a bank meeting at 2 p.m. ET on Thursday to launch $725 million of credit facilities, according to a market source.

Jefferies LLC, BNP Paribas Securities Corp. and Macquarie Capital (USA) Inc. are the lead arrangers on the deal.

The facilities consist of a $55 million revolver due 2025, a non-fungible $400 million incremental first-lien term loan due August 2025, a $70 million delayed-draw for 24 months first-lien term loan and a non-fungible $200 million incremental second-lien term loan due August 2026, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

Proceeds will be used to fund a distribution to shareholders, pay down the existing revolver balance and extend the existing revolver by two years to 2025.

Veritext is a Livingston, N.J.-based provider of deposition and litigation support solutions for law firms and corporations.

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