First Data $16 billion credit facility retail launch now expected post-Labor Day

By Sara Rosenberg

New York, July 27 - First Data Corp. is anticipated to hold a retail syndication bank meeting for its $16 billion credit facility sometime after Labor Day, as opposed to the previous timeframe of July/early August, according to a market source.

The deal already launched to senior managing agent banks in late May.

Credit Suisse, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, Lehman Brothers and Merrill Lynch are the lead banks on the deal.

The credit facility consists of a $2 billion six-year revolver and a $14 billion seven-year term loan B that are both talked at Libor plus 225 basis points to 250 bps.

The revolver has a 50 bps commitment fee.

Proceeds from the facility, along with $8 billion of bonds, will be used to help fund Kohlberg Kravis Roberts & Co.'s leveraged buyout of the company for $34.00 in cash per share. The total value of the transaction is about $29 billion.

First Data is a Greenwood Village, Colo., provider of electronic commerce and payment services for businesses.

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