First Data upsizes incremental loan by $25 million, updates pricing

By Sara Rosenberg

New York, June 9 – First Data Corp. increased its incremental first-lien term loan due July 10, 2022 to $1,025,000,000 from $1 billion and tightened the original issue discount to 99.875 from 99.75, according to a market source.

Also, pricing on the incremental term loan and on the repricing of the company’s $2,733,000,000 first-lien term loan due July 10, 2022 firmed at Libor plus 225 basis points, the low end of the Libor plus 225 bps to 250 bps talk, and a step-down was added to Libor plus 200 bps subject to a Ba3 rating, the source said.

The repricing is still offered at par.

As before, all of the term loan debt has no Libor floor and 101 soft call protection for six months.

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

Proceeds will be used to refinance existing euro term loans and the repricing will take the existing U.S. term loan down from Libor plus 300 bps with no Libor floor.

Funds from the incremental upsizing will be used for fees and changes in foreign exchange rates, the source added.

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

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