Veritext wraps $150M add-on 1st-lien term loan, $26M add-on delayed-draw; terms

Investors have received allocations of a $150 million incremental first-lien and $26.25 million incremental delayed-draw first-lien term loan for Veritext Corp. that will be used to fund a distribution to shareholders, according to sources. The funded add-on first-lien term loan priced at an original issue discount of 99.25 and that is fungible with the issuer's existing covenant-lite first-lien term loan due August 2025 priced at L+375, with a 0.75% Libor floor. The delayed-draw add-on priced at an OID of 99.5, to be paid at the time of drawing. Jefferies was lead arranger on the transaction. The delayed-draw tranche is available until Aug. 4, 2023, and the ticking fee will be the full spread from the time of closing. Veritext, backed by Leonard Green & Partners, provides deposition and litigation support services for law firms and corporations.

Terms: