Fifth Third launches $1.78 billion term loan at Libor plus 300-325 bps

By Sara Rosenberg

New York, March 8 - Fifth Third Processing Solutions LLC held a conference call on Tuesday to launch a $1.775 billion first-lien term loan that is talked at Libor plus 300 basis points to 325 bps with a 1.25% Libor floor and a par offer price, according to a market source.

There is 101 soft call protection for one year.

Goldman Sachs and JPMorgan are the lead banks on the deal.

Proceeds will be used to refinance the company's $1.575 billion first-lien term loan and $200 million second-lien term loan that were obtained late last year in connection with the acquisition of National Processing Co.

Pricing on the existing first-lien term loan is Libor plus 400 bps, and pricing on the second-lien loan is Libor plus 675 bps, with both having a 1.5% Libor floor. Both were sold at an original issue discount of 99. The second-lien loan has soft call protection of 102 in year one and 101 in year two.

Fifth Third Processing is a Cincinnati-based provider of payment transaction processing and acceptance services.

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