First Data upsizes term loan, split into $725 million and €250 million

By Sara Rosenberg

New York, June 25 – First Data Corp. increased its seven-year first-lien term loan amount to include a $725 million tranche and a €250 million tranche from an original total size of $750 million U.S. dollar and euro equivalent, according to a market source.

As before, pricing on the term debt is Libor/Euribor plus 375 basis points with no floor and an original issue discount of 99.5, and the debt still has 101 soft call protection for six months.

Bank of America Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc., KKR Capital Markets, HSBC Securities (USA) Inc., Mizuho, PNC Capital Markets LLC and SunTrust Robinson Humphrey Inc. are the leads on the deal. Credit Suisse Securities (USA) LLC is the administrative agent.

Proceeds will be used to refinance bonds. The amount of bonds being taken out was increased with the upsizing to the total amount of term loan debt, the source added.

First Data is an Atlanta-based provider of electronic commerce and payment services.

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