Lender Processing outlines talk on $1.3 billion facility with launch

By Sara Rosenberg

New York, July 28 - Lender Processing Services Inc. came out with price talk on its $1.3 billion senior secured credit facility (Baa3/BBB) as the deal launched with a bank meeting on Thursday morning, according to a market source.

The $400 million five-year revolver and $350 million five-year term loan A are talked at Libor plus 225 basis points, with the revolver having a 50 bps unused fee, and the $550 million seven-year term loan B is talked at Libor plus 325 bps to 350 bps with a 1% Libor floor and an original issue discount of 991/2, the source said.

The B loan includes 101 soft call protection for one year.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, U.S. Bank and SunTrust Robinson Humphrey Inc. are the lead banks on the deal, with JPMorgan the left lead.

Commitments are due on Aug. 9.

Proceeds will be used to refinance existing debt, including an existing senior secured credit facility, and for general corporate purposes.

Closing is expected in August, subject to market and other customary conditions.

Lender Processing Services is a Jacksonville, Fla.-based provider of integrated technology, services and loan performance data and analytics to the mortgage, consumer lending, capital markets and real estate industries.

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