First Data launches $3.89 billion term loan at Libor plus 225 bps

By Sara Rosenberg

New York, Nov. 6 – First Data Corp. launched a $3,892,000,000 first-lien term loan due April 2024 with price talk of Libor plus 225 basis points with a 25 bps step-down subject to a Ba3 rating from Moody’s, no floor and a par issue price, according to a market source.

The term loan is getting 101 soft call protection for six months, the source said.

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

Commitments are due at 10 a.m. ET on Thursday, the source added.

Proceeds will be used to reprice an existing term loan down from Libor plus 250 bps.

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

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