TransFirst sets first-lien term loan pricing at Libor plus 375 bps

By Sara Rosenberg

New York, June 4 – TransFirst Inc. firmed the spread on its $65 million incremental first-lien term loan and repricing of its existing first-lien term loan at Libor plus 375 basis points, the low end of the Libor plus 375 bps to 400 bps talk, according to a market source.

Also, the original issue discount on the incremental first-lien term loan, as well as on a $65 million incremental second-lien term loan, tightened to 99.75 from 99.5, the source said.

The repriced first-lien term loan was issued at par, in line with initial talk.

As outlined previously, the first-lien term debt has a 1% Libor floor and 101 soft call protection for six months, and the second-lien term loan has pricing of Libor plus 800 bps with a 1% Libor floor and call protection of 102 in year one and 101 in year two.

Jefferies Finance LLC, Guggenheim and Nomura are the leads on the deal that allocated on Wednesday.

Proceeds from the incremental debt will be used to repay a $132 million shareholder-level loan. The first-lien term loan repricing is taking the existing loan pricing down from Libor plus 450 bps with a 1% Libor floor.

TransFirst is a Hauppauge, N.Y.-based provider of secure payment processing.

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