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Fiserv Insurance Solutions to launch $385 million facility on Tuesday
By Sara Rosenberg
New York, July 18 - Fiserv Insurance Solutions Inc. is scheduled to hold a bank meeting on Tuesday to launch its proposed $385 million credit facility, according to a market source.
Credit Suisse is the lead bank on the deal.
The facility consists of a $50 million five-year revolver and a $335 million six-year term loan, with both tranches talked at Libor plus 350 basis points with a 3.25% Libor floor, the source said.
Proceeds will be used to help back Stone Point Capital LLC's acquisition of a 51% interest in the company, the completion of which was announced on July 15.
The acquisition was initially funded through about $205 million in equity and $335 million in bridge financing out of one of Stone Point's private equity funds.
Stone Point purchased the majority interest in Fiserv Inc.'s insurance business through its private equity fund Trident IV.
Fiserv received about $510 million in net after-tax proceeds and retains a 49% equity interest in the business.
Fiserv Insurance Solutions is a Cedar Rapids, Iowa, provider of insurance technology, professional services and outsourcing services.
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