EVO Payments moves funds between first- and second-lien term loans

By Sara Rosenberg

New York, Dec. 8 – EVO Payments International downsized its covenant-light first-lien term loan to $570 million from $590 million and upsized its covenant-light second-lien term loan to $175 million from $155 million, according to a market source.

Also, pricing on the second-lien term loan increased to Libor plus 900 basis points from talk of Libor plus 850 bps to 875 bps, a move that was already anticipated by sources.

The second-lien term loan still has a 1% Libor floor and an original issue discount of 98.5.

Pricing on the first-lien term loan is Libor plus 500 bps with a 1% Libor floor and an original issue discount of 99, and the debt has 101 soft call protection for one year.

Last week, the spread on the first-lien term loan was lifted from talk of Libor plus 450 bps to 475 bps and the call protection was extended from six months.

The company’s $845 million credit facility also includes a $100 million revolver.

SunTrust Robinson Humphrey Inc. is the left lead on the deal.

Proceeds will be used to refinance existing debt and to fund acquisitions.

EVO Payments is an Atlanta-based payments processor and acquirer for merchants, independent sales organizations, financial institutions, government organizations and multinational corporations.

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