WorldPay seeks £150 million term loan at Libor plus 350-375 bps

By Sara Rosenberg

New York, Oct. 8 - WorldPay is talking its in-market U.S. dollar equivalent £150 million six-year incremental term loan (Ba3) at Libor plus 350 basis points to 375 bps with a 1% Libor floor, an original issue discount of 99 and 101 soft call protection for six months, according to a market source.

Goldman Sachs Bank USA and UBS Securities LLC are the lead banks on the deal.

Proceeds will be used to fund the acquisition of Century Payments and add cash to the balance sheet for future acquisitions.

With the loan, the company is seeking an amendment to its credit facility that would add 101 soft call protection for six months to the existing term loan, waive the incurrence limit and raise the leverage test for the payment of dividends, the source added.

RBS is leading the amendment.

Commitments for the term loan and consents for the amendment are due at 11 a.m. ET on Friday.

WorldPay is an Atlanta-based provider of global payment processing services.

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