TransFirst reveals first- and second-lien term loan talk with launch

By Sara Rosenberg

New York, Oct. 23 – TransFirst Inc. released price talk on its $665 million seven-year covenant-light first-lien term loan (B) and $335 million eight-year covenant-light second-lien term loan (CCC+) with its bank meeting on Thursday, according to a market source.

The first-lien term loan is talked at Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99, and the second-lien term loan is talked at Libor plus 800 bps with a 1% Libor floor and a discount of 99, the source said.

Included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has hard call protection of 102 in year one and 101 in year two.

The company’s $1.05 billion credit facility also provides for a $50 million five-year revolver (B).

Commitments are due on Nov. 6, the source added.

Jefferies Finance LLC, Guggenheim and Nomura are the leads on the deal.

Proceeds will be used to help fund the buyout of the company by Vista Equity Partners.

Other funds for the transaction will come from $566 million of equity.

First-lien net leverage is 4.6 times, and total net leverage is 7 times.

Closing is expected later this year.

TransFirst is a Hauppauge, N.Y.-based provider of secure payment processing.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.