First Data launches $258 million add-on term loan for refinancing

By Sara Rosenberg

New York, Jan. 30 - First Data Corp. went out to lenders on Wednesday with a $258 million first-lien tack-on term loan due September 2018, according to a market source.

Credit Suisse Securities (USA) LLC and KKR Capital Markets are leading the deal.

Pricing on the loan is Libor plus 500 basis points with no Libor floor and it was issued at par, after tightening shortly after launch from an original issue discount of 993/4, the source said.

There is no call protection.

Commitments for the drive-by deal were due at 1 p.m. ET on Wednesday.

Proceeds will be used to refinance the company's existing bank debt due in 2014.

First Data is an Atlanta-based electronic commerce and payment processing company.

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