First American Payment Systems launches $225 million term loan at Libor plus 475 bps

By Sara Rosenberg

New York, Oct. 6 - First American Payment Systems LP launched its $225 million term loan on Wednesday with price talk of Libor plus 475 basis points with a 1.75% Libor floor and an original issue discount of 981/2, according to a market source.

The company's $255 million credit facility (B+) also includes a $30 million revolver.

JPMorgan is the lead bank on the deal.

Proceeds will be used to fund a dividend payment and refinance existing debt.

First American Payment is a Fort Worth, Texas-based provider of payment processing services for credit card, debit card and check transactions.

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