Evertec Group launches $400 million term B with discount of 99¾

By Sara Rosenberg

New York, March 21 - Evertec Group LLC launched on Thursday its $400 million seven-year term loan B with original issue discount talk of 993/4, according to a market source.

As previously reported, the B loan is talked at Libor plus 300 basis points with a 1% Libor floor.

Also, the term loan B has 101 soft call protection for six months, the source said.

The company's $800 million senior secured credit facility also includes a $100 million five-year revolver and a $300 million five-year term loan A.

Commitments are due on April 4, the source added.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds, along with cash on hand, will be used to refinance an existing credit facility and 11% senior notes due 2018 and for general corporate purposes.

Closing on the credit facility is subject to completion of an initial public offering.

Evertec is a San Juan, Puerto Rico-based full-service transaction processing business in Latin America and the Caribbean.

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