Western Union closes $1.65 billion revolver, set to mature in 2017

By Aleesia Forni

Columbus, Ohio, Sept. 29 - The Western Union Co. entered into a $1.65 billion revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Sept. 23.

The revolver contains a $250 million letter-of-credit subfacility and a $150 million swingline subfacility.

Pricing on the revolver ranges from Libor plus 68 bps to 110 bps, based on the company's credit rating.

The company will also incur quarterly facility fees.

Subject to extension in certain circumstances, the facility has a maturity date of Jan. 2, 2017.

This agreement contains customary covenants, including those that limit Western Union's ability to sell assets, merge or consolidate with another company and impose restrictions on subsidiary dividends.

Wells Fargo Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are joint lead arrangers and joint bookrunners.

Wells Fargo Bank NA is administrative agent, while Citibank NA and JPMorgan Chase Bank NA are syndication agents.

Documentation agents for the facility are Bank of America NA, Barclays Bank plc and U.S. Bank NA.

Western Union is an Englewood, Colo.-based money transfer and payment company.

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