The $335 million deal backing the dividend recap for Vertafore hit the market last week. The deal, led by JPMorgan, Credit Suisse First Boston and Wachovia Bank, comprises a five-year, $30 million revolver; a six-year, $180 million term loan "B" and a seven-year, $125 million second-lien term loan. The revolver and term loan "B" launched at LIBOR plus 2 3/4% and the second lien launched at LIBOR plus 6 1/2%. Hellman & Friedman is the company's sponsor.
Standard & Poor's rated the revolver at B+ and the second-lien CCC+. Moody's Investors Service assigned ratings of B1 to the revolver and B3 to the second lien.
Based in Windsor, Conn., Vertafore is a leading provider of specialized software services and information for the property and casualty insurance industry. It is the management system and information source for over 15,000 independent insurance agencies, 120,000 end-users and 300 insurance carriers.
Calls to spokesmen at Vertafore and JPMorgan were not returned and calls to bankers at Wachovia and CSFB were also not returned.