First Data launches incremental U.S. and euro term loans to investors

By Sara Rosenberg

New York, May 11 – First Data Corp. launched without a lender call on Wednesday a fungible incremental U.S. term loan due July 10, 2022 and a fungible incremental euro term loan due July 10, 2022, according to a market source.

Sizes on the incremental term loans are still to be determined, the source said.

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

The incremental term loans are talked at Libor/Euribor plus 375 basis points with no floor and an original issue discount of 99.5 to 99.75, the source continued.

All of the July 2022 term loan debt will get 101 soft call protection for six months.

Proceeds will be used to refinance a portion of the company’s U.S. term loans due September 2018 and euro term loans due March 2018.

Commitments are due for the U.S. loan at noon ET on Friday and for the euro loan at 11 a.m. ET on Friday, the source added.

First Data is an Atlanta-based provider of payment processing solutions.

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