First American Payment Systems to launch $40 million loan on Tuesday

By Sara Rosenberg

New York, April 9 - First American Payment Systems LP will hold a conference call at 2 p.m. ET on Tuesday to launch a $40 million incremental term loan, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

The loan is talked at Libor plus 500 basis points with a 1.75% Libor floor, in line with existing term loan pricing, the source said.

Original issue discount is still to be determined.

Proceeds will be used to pay a distribution to shareholders.

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

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