Lender Processing Services launches $1.31 billion credit facility

By Sara Rosenberg

New York, June 2 - Lender Processing Services Inc. held a bank meeting on Monday afternoon to launch its proposed $1.31 billion senior secured credit facility, according to a market source.

JPMorgan, Bank of America and Wachovia are the lead banks on the deal.

The facility consists of a $125 million five-year revolver, a $700 million five-year term loan A and a $485 million six-year term loan B, the source said.

Price talk on the revolver and the term loan A is in the Libor plus 250 basis points to 275 bps area, while price talk on the term loan B is in the Libor plus 275 bps to 300 bps area, the source continued.

The original issue discount on the term loan B is guided in the 98½ context, the source added.

Corporate family ratings are expected to be Ba1/BB+.

Proceeds will be used to help fund the tax-free spin-off of the company from Fidelity National Information Services Inc.

Completion of the spin-off is expected to occur in mid-2008.

Lender Processing Services is a provider of integrated data, servicing and technology services to large-scale mortgage lenders.

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