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RBS WorldPay cuts £235 million term B-2 spread to Libor plus 450 bps
By Sara Rosenberg
New York, Oct. 5 - RBS WorldPay reduced pricing on its £235 million seven-year dollar-equivalent term loan B-2 to Libor plus 450 basis points from Libor plus 500 bps, according to a market source.
In addition, the original issue discount on the B-2 firmed at 99, the tight end of the 98 to 99 talk, the source said.
The 1.75% Libor floor under the B-2 tranche was left unchanged.
The company's £970 million secured credit facility (Ba2/BB) also includes a £75 million six-year revolver, a £75 million six-year capital expenditures facility, a £160 million six-year term loan A, a £325 million seven-year term loan B-1 and a £100 million seven-year euro-equivalent term loan B-3. These tranches are being marketed in Europe.
Pricing on the term loan B-1 was reduced to Libor plus 500 bps from Libor plus 525 bps, and pricing on the term loan B-3 was reduced to Euribor plus 475 bps from Euribor plus 500 bps, the source continued.
The discount on the term loan B-1 and B-3 also firmed at 99 from talk of 98 to 99, and these tranches provide for a 1.75% Libor floor as well.
Recommitments are due at the close of business on Wednesday and allocations are expected next week.
Goldman Sachs, Barclays, Morgan Stanley, RBS and UBS are the lead banks on the credit facility, with Goldman the left lead on the U.S. piece.
Proceeds will be used to help fund the acquisition of an 80.01% interest in the company by Advent International and Bain Capital from RBS Group for an enterprise value of up to £2.025 billion.
Closing on the transaction is expected by the end of the year, subject to regulatory approvals.
RBS WorldPay is a provider of global payment processing services.
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