CPI Card ups spread on $435 million term B to Libor plus 450 bps

By Sara Rosenberg

New York, Aug. 14 – CPI Card Group raised pricing on its $435 million term loan B to Libor plus 450 basis points from Libor plus 400 bps, according to a market source.

Also, the original issue discount on the term loan B widened to 98.5 from talk of 99 to 99.5, the source said.

The B loan still has a 1% Libor floor and 101 soft call protection for six months.

The company’s $475 million credit facility (B1) also includes a $40 million revolver.

Recommitments were due at 11 a.m. ET on Friday, the source added.

Goldman Sachs Bank USA, BNP Paribas Securities Corp. and Scotiabank are the lead arrangers on the deal. BMO Capital Markets and CIBC are co-managers. Scotiabank is the administrative agent.

Proceeds will be used to refinance existing debt and fund a redemption of preferred stock.

CPI Card Group is a Littleton, Colo.-based provider of payment solutions, including card production, card personalization, mobile technologies and fulfillment services.

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