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First Data lifts pricing on extended term loan to Libor plus 400 bps
By Sara Rosenberg
New York, March 17 - First Data Corp. increased pricing on its proposed extended term loan and revolver to Libor plus 400 basis points from Libor plus 375 bps, according to a market source.
By comparison, pricing on the non-extended debt is Libor plus 275 bps.
The extended revolver will still have a 75 bps unused fee.
As was previously reported, the company is looking to convert no less than $3 billion of its term loans into new dollar- and euro-denominated term loan tranches due on March 24, 2018.
In addition, First Data is looking to extend all or a portion of its revolver to Sept. 24, 2016.
The revolver maturity would be accelerated to June 24, 2015 if, on that date, the aggregate outstanding principal amount of the company's 9 7/8% senior notes due 2015 and 10.55% senior PIK notes due 2015 exceeds $750 million. The maturity can also be accelerated to Dec. 31, 2015 if, on that date, the company has more than $750 million of its 11¼% senior subordinated notes due 2016 outstanding.
Immediately after the effectiveness of the amendment, the company plans to reduce revolver commitments that are subject to the extension in an amount equal to at least 20%.
The amendment is conditioned on the company selling at least $750 million of senior secured notes and using those proceeds to repay term loan borrowings. The notes offering must be completed within 90 days of executing the amendment.
Credit Suisse, Citigroup, Deutsche Bank and HSBC are the lead banks on the senior secured credit facility amendment and extension transaction.
Signature pages were due at 5 p.m. ET on Thursday.
First Data is a Greenwood Village, Colo., provider of electronic commerce and payment services.
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