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Evertec sets discount on $170 million incremental term loan B at 99¼
By Sara Rosenberg
New York, May 4 - Evertec LLC firmed the original issue discount on its $170 million incremental term loan B (BB-) due Sept. 30, 2016 at 991/4, the middle of earlier talk of 99 to 991/2, according to a market source.
Also, the incremental loan and the existing term loan will now have 101 soft call protection for one year, as opposed to for six months, the source said.
Pricing on the loan is Libor plus 400 basis points with a 1.5% Libor floor, in line with existing term loan pricing, and is subject to the same pricing grid that is in the existing credit agreement.
The existing term loan was sold in early 2011 at par.
Commitments toward the new loan and a concurrent amendment are due at 2 p.m. ET on Monday, accelerated from an original deadline of May 9, the source added.
Under the amendment, the company is looking for permission for an up to $270 million restricted payment.
The amendment would also increase the maximum senior secured leverage ratio by 0.25 times for each period.
Lenders are being offered a 25 bps amendment fee.
Bank of America Merrill Lynch and Morgan Stanley Senior Funding Inc. are the lead arrangers on the deal. Co-arrangers include Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. and UBS Securities LLC.
Proceeds from the new term loan and $40 million 11% senior notes offering will be used to pay a cash dividend to the parent company.
Closing is expected to occur on May 14.
Evertec is a San Juan, Puerto Rico-based diversified processing business, offering transaction and payment processing, merchant acquiring and processing and business process management solutions services.
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