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First Data launches U.S. and euro first-lien term loans to investors
By Sara Rosenberg
New York, July 7 – First Data Corp. launched on Monday $5,258,000,000 of U.S. term loans and a €311 million euro term loan, according to a market source.
Credit Suisse Securities (USA) LLC and KKR Capital Markets are the leads on the deal.
The U.S. debt consists of a $4.25 billion first-lien term loan due in March 2018 and a $1,008,000,000 first-lien term loan due in September 2018, the source said.
Price talk on both U.S. term loans and the €311 million term loan due March 2018 is Libor/Euribor plus 350 basis points with no Libor floor, and the debt is offered at an original issue discount of 99½ for new money and 99¾ for existing money, the source continued.
Proceeds will be used to refinance existing term loans due in March 2018 and September 2018 that are priced at Libor/Euribor plus 400 bps with no Libor floor.
Commitments are due at 4 p.m. ET on Tuesday, the source added.
First Data is a Greenwood Village, Colo.-based provider of electronic commerce and payment services.
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