Fiserv Investment lifts term loan to $315 million, revises price talk

By Sara Rosenberg

New York, Feb. 6 – Fiserv Investment Solutions Inc. upsized its seven-year senior secured covenant-lite first-lien term loan B (B2/B) to $315 million from $305 million and reduced price talk to a range of Libor plus 475 basis points to 500 bps from a range of Libor plus 525 bps to 550 bps, according to a market source.

In addition, the original issue discount on the term loan was changed to 99.5 from 99, the source said.

The term loan still has a 0% Libor floor and 101 soft call protection for six months.

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. are the joint lead arrangers on the deal. Citigroup is the administrative agent.

Recommitments were scheduled to be due at 5 p.m. ET on Thursday, the source added.

Proceeds will be used to help fund the acquisition of up to 60% of Fiserv Inc.’s Investment Services business by Motive Partners. Retaining a 40% equity interest in the business, Fiserv will receive about $510 million in net after-tax proceeds.

The extra term loan proceeds being raised will reduce the equity commitment from Motive and Fiserv on a pro-rata basis.

Closing is expected during the week of Feb. 10.

Fiserv Investment is a technology provider for segments of the wealth and asset management industry.

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