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First Data sets pricing in $3.73 billion first-lien term loan package
By Paul A. Harris
Portland, Ore., June 1 – First Data Corp. set pricing in $3,733,000,000 of term loan debt (Ba3/BB), according to a market source.
The payment processing solutions provider is repricing its $2,733,000,000 existing first-lien term loan due July 10, 2022 at Libor plus 225 to 250 basis points from Libor plus 300 bps. The deal is offered at par.
A $1 billion incremental first-lien term loan due July 10, 2022 is talked at Libor plus 225 to 250 bps at 99.75.
Both tranches feature reset soft call protection at 101 for six months.
Commitments are due at 5 p.m. ET on June 8.
Credit Suisse Securities (USA) LLC has the books.
In addition to the repricing, proceeds will be used to refinance First Data’s euro-denominated term loan.
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