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First American wraps $275 million term loan at Libor plus 500 bps
By Sara Rosenberg
New York, Feb. 24 – First American Payment Systems LP completed syndication of its $275 million term loan (B2) at Libor plus 500 basis points, the high end of the Libor plus 475 bps to 500 bps talk, according to a market source.
The term loan still has a 0% Libor floor and an original issue discount of 99.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to refinance existing debt.
First American Payment is a Fort Worth-based payments platform.
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