RevSpring cuts rate by further 25 bps in term loan repricing

New York, Jan. 29 – RevSpring lowered the coupon in the repricing of its $204.93 million senior secured first-lien term loan (B2/B) by 25 basis points, according to a market source.

The repriced loan, due Nov. 30, 2023, was set at Libor plus 450 bps with a 1% Libor floor and a par issue price.

When the repricing was launched, the rate was set at Libor plus 475 bps.

There is 101 soft call protection for six months.

The new loan allocated on Friday, according to the market source.

Empower Payments Acquisition, Inc. is the borrower.

As previously reported, RevSpring priced a $207 million seven-year first-lien term loan at Libor plus 550 bps, higher than of Libor plus 475 bps to 500 bps, in November 2016.

The loan had an original issue discount of 98, lowered from talk of 99, and a 1% Libor floor.

RevSpring is a Wixom, Mich.-based billing and consumer communication platform that allows for the receipt of payments faster with more connection options.

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