Mavenir ups term loan B to $585 million, firms at Libor plus 475 bps

By Sara Rosenberg

New York, Aug. 13 – Mavenir Systems Inc. upsized its term loan B to $585 million from $560 million and finalized pricing at Libor plus 475 basis points, the low end of the Libor plus 475 bps to 500 bps talk, according to a market source.

As before, the term loan has a 0.5% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

JPMorgan Chase Bank is the lead on the deal.

Proceeds will be used to refinance an existing term loan and add cash to the balance sheet.

Mavenir is a Richardson, Tex.-based network software provider.

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