Vantiv lifts term B to $765 million, revises OID talk to 99.75-par

By Sara Rosenberg

New York, Oct. 5 – Vantiv Inc. upsized its seven-year term loan B to $765 million from $515 million and changed issue price talk to a range of 99.75 to par from revised talk of par and initial talk of 99.75, according to a market source.

As before, the term loan B is priced at Libor plus 250 basis points with a 0.75% Libor floor and has 101 soft call protection for six months.

Earlier in syndication, the spread on the loan firmed at the low end of the Libor plus 250 bps to 275 bps talk and the call protection was extended from six months.

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

Recommitments are due at noon ET on Thursday, the source added.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Vantiv is a Symmes Township, Ohio-based provider of payment processing services and related technology solutions for merchants and financial institutions.

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