iPayment shops $349 million in term loan debt at Libor plus 525 bps

By Sara Rosenberg

New York, Nov. 6 – iPayment Inc. is seeking a $20 million add-on term loan B (B1/B+) and a repricing of its existing $329 million term loan B (B1/B+) at talk of Libor plus 525 basis points with a 1% Libor floor and an original issue discount of 99.75 to par, according to a market source.

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

Proceeds from the add-on will be used to fund acquisition activity and the repricing will take the existing term loan down from Libor plus 600 bps with a 1% Libor floor.

iPayment is a Westlake Village, Calif.-based provider of credit and debit card payment processing services to small merchants.

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