Vantiv cuts spread on up to $350 million term B to Libor plus 275 bps

By Sara Rosenberg

New York, March 6 - Vantiv LLC reduced pricing on its up to $350 million seven-year term loan B to Libor plus 275 basis points from Libor plus 300 bps, according to a market source.

Also, the original issue discount on the term loan B was tightened to 99½ from 99, the source said.

The 1% Libor floor was left unchanged.

There is 101 soft call protection for one year.

Final sizing of the B loan will be determined at the closing date. At launch, it was described as being $250 million to $350 million.

The company's up to $1.6 billion credit facility (Ba2) also includes a $250 million five-year revolver and a $1 billion five-year term loan A priced at Libor plus 225 bps. The revolver has a 50 bps undrawn fee.

Recommitments were due by 5 p.m. ET on Tuesday.

J.P. Morgan Securities LLC is the left lead bank on the deal, and Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and Fifth Third Securities Inc. are bookrunners too.

Proceeds will be used to refinance existing debt.

Vantiv is a Cincinnati-based integrated payment processor for merchants and financial institutions.

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