Syncapay launches $450 million term loan B at Libor plus 625-650 bps

By Sara Rosenberg

New York, Dec. 2 – Syncapay Inc. launched on Wednesday its $450 million seven-year term loan B with price talk of Libor plus 625 basis points to 650 bps with a 1% Libor floor and an original issue discount of 97, according to a market source.

The term loan has 101 soft call protection for one year, the source said.

The company’s $500 million of credit facilities also include a $50 million revolver.

BMO Capital Markets, Fifth Third and Truist are the leads on the deal.

Commitments are due at 5 p.m. ET on Dec. 16, the source added.

Proceeds will be used to help fund the merger of Buffalo Grove, Ill.-based daVinci Payments, a deliverer of corporate funded payments, and Conshohocken, Pa.-based North Lane, a payments technology company, with Syncapay the holding company.

With this transaction, Centerbridge Partners LP is making a new majority equity investment in Syncapay.

Closing is expected this quarter, subject to regulatory approval and other customary conditions.

Syncapay is a Plano, Tex.-based acquirer of payment companies.

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