First Data increases March 2018 term loan amount by $350 million

By Sara Rosenberg

New York, July 10 – First Data Corp. upsized its March 2018 term loan by the equivalent of $350 million with the U.S. and euro split of the additional funds still to be determined, according to a market source.

The upsizing will be tacked on to the $4.25 billion and €311 million first-lien term loans due March 2018 that were launched earlier this week.

The $1,008,000,000 size on the company’s first-lien term loan due September 2018 is unchanged.

All of the term loans are still priced at Libor/Euribor plus 350 basis points with no Libor floor and an original issue discount of 99½ for rolled and new money commitments.

The discount on the term loans was recently modified from 99½ for new money and 99¾ for rolled commitments.

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

Recommitments are due at 11 a.m. ET on Friday, the source added.

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, and the funds from the upsizing will be used to repay holdco PIK notes.

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

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