Lender Processing Services upsizes term loan B to $510 million

By Sara Rosenberg and Paul A. Harris

New York, June 17 - Lender Processing Services Inc. increased the size of its six-year term loan B to $510 million from $485 million, according to a market source.

The upsizing was done to compensate for a reduction in the company's bond deal to $375 million from $400 million, the source said.

Price talk on the term loan B is Libor plus 275 basis points to 300 bps, and the tranche is being offered at an original issue discount of 981/2.

Lender Processing Services' now $1.335 billion (up from $1.31 billion) senior secured credit facility (Baa3/BBB) also includes a $125 million five-year revolver and a $700 million five-year term loan A, with both of these tranches talked at Libor plus 250 bps to 275 bps.

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

Proceeds from the credit facility and the bonds will be used to help fund the tax-free spinoff of the company from Fidelity National Information Services Inc.

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

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