First Data launches repricing and extension of 2017 term loans

By Sara Rosenberg

New York, Jan. 21 - First Data Corp. launched on Tuesday a repricing and extension of its $2,494,000,000 U.S. and $183 million euro March 2017 term loans, according to a market source.

Existing lenders have two options - they can either reprice their existing term loan debt at talk of Libor plus 325 basis points to 350 bps with no Libor floor from current pricing of Libor plus 400 bps with no Libor floor, or they can extend their term loan debt to March 2021 from March 2017 and keep the Libor plus 400 bps pricing, the source said.

The repricing is being offered at par, and the extension is being offered with a zero to 12.5 bps upfront fee.

Neither option has any call protection.

Lenders who do not reprice or extend may be paid out at par and replaced by new commitments, the source added.

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

Commitments are due at 4 p.m. ET on Thursday.

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

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