Vantiv floats price talk on $6.5 billion in term loans with launch

By Sara Rosenberg

New York, May 30 – Vantiv LLC came out with price talk on its $6,505,000,000 in term loans (Ba2/BBB-) with its lender call on Wednesday, according to a market source.

The roughly $3.3 billion term loan A-5 due Jan. 16, 2023, $650 million equivalent pound sterling term loan A-6 due Jan. 16, 2023, $755 million covenant-light term loan B-3 due Oct. 14, 2023 and $1.8 billion covenant-light term loan B-4 due Aug. 20, 2024 are all talked at Libor plus 175 basis points with a 0% Libor floor, the source said.

Pricing on the term loan A’s are based on a grid, and the debt has total leverage and interest coverage ratio covenants.

The term loan B-3 and term loan B-4 are offered at par and have 101 soft call protection for six months and amortization of 1% per annum.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Proceeds will be used to reprice the company’s existing term loans.

Commitments/consents are due at noon ET on June 13, the source added.

Vantiv is a payments technology company.

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