Electronic Funds Source sets first- and second-lien term loan talk

By Sara Rosenberg

New York, May 8 - Electronic Funds Source LLC (WP Mustang Holdings LLC) disclosed price talk on its $495 million seven-year first-lien covenant-light term loan (B) and $250 million eight-year second-lien covenant-light term loan (CCC+) with its bank meeting on Thursday, according to a market source.

Talk on the first-lien term loan is Libor plus 375 basis points to 400 bps with a 1% Libor floor and an original issue discount of 99, and talk on the second-lien term loan is Libor plus 700 bps to 725 bps with a 1% Libor floor and a discount of 99, the source said.

The first-lien term loan has 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company's $845 million credit facility also includes a $100 million revolver (B).

Goldman Sachs Bank USA and Credit Suisse Securities (USA) LLC are the lead banks on the deal, with Goldman left lead on the first-lien and Credit Suisse left lead on the second-lien.

Commitments are due on May 21.

Proceeds will be used to help fund the buyout of the company by Warburg Pincus from an investor group including First Data Transportation Services Inc., CTP Holdings LLC and FJ Management Inc.

Closing is expected in the second quarter, subject to customary conditions and regulatory approvals.

Electronic Funds Source is a provider of payments solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.