iPayment lifts term B to $330 million, flexes to Libor plus 600 bps

By Sara Rosenberg

New York, April 6 – iPayment Inc. upsized its term loan B to $330 million from $305 million and reduced pricing to Libor plus 600 basis points from Libor plus 625 bps, according to a market source.

The term loan still has a 1% Libor floor and an original issue discount of 99.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to refinance existing debt.

iPayment is a New York-based provider of credit and debit card payment processing services to small merchants.

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