First Data launches repricing of U.S. and euro term loans due 2022

By Sara Rosenberg

New York, Nov. 18 – First Data Corp. launched on Friday a $2,783,000,000 first-lien term loan due July 10, 2022 and a €763 million first-lien term loan due July 10, 2022, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal (Ba3/BB).

The U.S. term loan is talked at Libor plus 300 basis points with a 25 bps step-down at 3.5 times net first-lien leverage, no Libor floor and a par issue price, and the euro term loan is talked at Euribor plus 325 bps with a 25 bps step-down at 3.5 times net first-lien leverage, no Euribor floor and a par issue price, the source said.

Both term loans have 101 soft call protection for six months.

Proceeds will be used to reprice an existing U.S. term loan down from Libor plus 375 bps and an existing euro term loan down from Euribor plus 375 bps.

Commitments are due at 2 p.m. ET on Tuesday, the source added.

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

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