TransFirst trims first-lien term loan spread, upsizes second-lien loan

By Sara Rosenberg

New York, Dec. 19 - TransFirst Holdings Inc. reduced pricing on its $400 million five-year first-lien term loan B (B1/B) to Libor plus 500 basis points from Libor plus 525 bps, and increased the size of its 51/2-year second-lien term loan (Caa2/CCC+) to $225 million from $200 million, according to market sources.

The first-lien term loan still has a 1.25% Libor floor, an original issue discount of 99 and 101 soft call protection for one year.

Pricing on the second-lien term loan remained at Libor plus 975 bps with a 1.25% Libor floor and a discount of 97. This debt has hard call protection of 102 in year one and 101 in year two.

Amortization on the first-lien loan is 1% per annum. There is no amortization on the second-lien loan.

The deal has a total net leverage covenant.

Recommitments were due at 5 p.m. ET on Wednesday.

Allocations are expected on Thursday morning and closing is targeted for next week, sources said.

Bank of America Merrill Lynch and GE Capital Markets are the lead arrangers on the deal.

Proceeds will be used to refinance existing debt, to fund a dividend and to redeem equity.

TransFirst is a Hauppauge, N.Y.-based provider of transaction processing services and payment enabling technologies.

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