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Diebold launches $89 million incremental term loan A, extension
By Sara Rosenberg
New York, July 25 – Diebold Nixdorf Inc. held a lender call on Thursday to launch an up to $89 million incremental term loan A due 2022, according to an 8-K filed with the Securities and Exchange Commission.
The company is also looking to extend its existing revolving credit facility and term loan A to April 2022 from December 2020. Assuming 100% extension, the revolver would be reduced to $450 million from $500 million and the existing term loan A would be reduced to $258 million from $287 million.
The incremental term loan A would be fungible with the existing term loan A for a total term loan A tranche size of $347 million.
Initial pricing on the extended revolver would be Libor plus 425 basis points, up from the current rate of Libor plus 225 bps, and initial pricing on the extended term loan A and incremental term loan A would be Libor plus 475 bps, up from the current rate of Libor plus 225 bps.
The extended term loan A and incremental term loan are being offered with an original issue discount of 99.
Revolver lenders are being offered a 25 bps upfront fee on extended amounts.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds from the incremental term loan A will be used to repay extending lenders and maintain liquidity for further operational and strategic initiatives.
Term loan A-1 and U.S. and euro term loan B lenders are being offered a 12.5 bps amendment fee.
Commitments and consents are due at 5 p.m. ET on Aug. 2.
Closing is expected on Aug. 6.
Total secured debt is 4.9x, total debt is 6x and total net debt is 5.2x.
Diebold is a North Canton, Ohio-based provider of self-service delivery, services and software primarily to the financial and retail industries.
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