Harland Clarke Holdings increases term loan size to $550 million

By Sara Rosenberg

New York, Feb. 2 – Harland Clarke Holdings Corp. upsized its five-year covenant-light first-lien term loan to $550 million from $370 million, according to a market source.

Pricing on the term loan is still Libor plus 550 basis points with a 1% Libor floor and an original issue discount of 99.

As before, the term loan has 101 soft call protection for six months and amortization of 2.5% per annum.

Earlier in syndication, pricing on the term loan was reduced from Libor plus 600 bps and the discount was tightened from 98.

Credit Suisse Securities (USA) LLC, Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Wells Fargo Securities LLC, Macquarie Capital and Jefferies Finance LLC are the leads on the deal.

Recommitments are due at 10 a.m. ET on Friday, the source added.

Proceeds will be used to pay down existing term loans, including the term loan B-4.

Harland Clarke is a San Antonio-based provider of media delivery, payment solutions and marketing services.

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