Cvent to launch $515 million credit facilities on Tuesday afternoon

By Sara Rosenberg

New York, May 8 – Cvent Holding Corp. (Capstone Borrower Inc.) is set to hold a lender call at 2:30 p.m. ET on Tuesday to launch $515 million of credit facilities, according to a market source.

Morgan Stanley Senior Funding Inc. is the left lead arranger on the deal. The debt commitment had UBS Securities LLC and Citizens Bank listed as leads as well.

The credit facilities consist of a $115 million revolver and a $400 million first-lien senior secured term loan B, the source said.

Proceeds will be used with $500 million of other secured debt to help fund the buyout of the company by Blackstone for $8.50 per share in cash, or about $4.6 billion, to refinance existing credit facilities, and to pay fees and expenses related to the transaction.

A wholly owned subsidiary of the Abu Dhabi Investment Authority will be a significant minority investor alongside Blackstone as part of the buyout. Also, Vista Equity Partners, a majority stockholder of Cvent, has agreed to invest a portion of its proceeds as non-convertible preferred stock in financing for the transaction.

The equity component of the buyout financing is expected to total $2.531 billion, the company disclosed in filings with the Securities and Exchange Commission.

Those filings had the debt commitment outlined as a $100 million revolver and a $900 million term loan.

Closing is expected mid-year, subject to the satisfaction of customary conditions, including receipt of approval by Cvent’s stockholders and regulatory approvals.

Cvent is a Tysons, Va.-based provider of meetings, events and hospitality technology.

© 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.