Harland Clarke extended term loan sized at $693 million after paydown

By Sara Rosenberg

New York, May 11 - Harland Clarke Holdings Corp.'s extended term loan size will be roughly $692.8 million after a paydown of about $280 million, according to an 8-K filed with the Securities and Exchange Commission on Friday.

The funds for the repayment will come from a $295 million senior secured notes offering.

As was previously reported, the company extended the term loan debt by three years to June 2017 at pricing of Libor plus 525 basis points with no Libor floor.

The non-extended term loan is sized at around $729 million and priced at Libor plus 250 bps.

The extended term loan has a springing maturity 90 days before the maturity of the company's senior notes.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Bank of America Merrill Lynch, Jefferies & Co. and UBS Securities LLC led the amendment and extension, which was completed on May 10 but is subject to the paydown.

Harland Clarke is a San Antonio-based provider of integrated payment, marketing and security services and retail products.

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