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Veritext updates pricing on first- and second-lien term loans
By Sara Rosenberg
New York, July 30 – Veritext Corp. (VT TopCo Inc.) firmed pricing on its non-fungible $400 million incremental first-lien term loan (B2/B) due August 2025 and $70 million delayed-draw for 24 months first-lien term loan (B2/B) at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, and tightened the original issue discount to 99.5 from 99, according to a market source.
Also, pricing on the company’s non-fungible $200 million incremental second-lien term loan (Caa2/CCC+) due August 2026 was lowered to Libor plus 675 bps from Libor plus 700 bps and the discount was revised to 99.25 from talk in the range of 98.5 to 99, the source said.
The first-lien term loan debt still has a 0.75% Libor floor and 101 soft call protection for six months, and the second-lien term loan still has a 0.75% Libor floor and hard call protection of 102 in year one and 101 in year two.
The first-lien term loan and delayed-draw term loan are being sold as a strip, and delayed-draw ticking fees are half the margin from days 46 to 90 and the full margin thereafter.
The company’s $725 million of credit facilities also include a $55 million revolver (B2/B) due 2025.
Jefferies LLC, BNP Paribas Securities Corp., Macquarie Capital (USA) Inc. and ING are the lead arrangers on the deal.
Recommitments were scheduled to be due at 11 a.m. ET on Friday, the source added.
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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