Mercury Payment launches $200 million term B at Libor plus 475 bps

By Sara Rosenberg

New York, June 16 - Mercury Payment Systems LLC launched its $200 million six-year term loan B on Thursday with price talk of Libor plus 475 basis points with a 1.5% Libor floor and an original issue discount of 991/2, according to a market source.

There is 101 soft call protection for one year.

Deutsche Bank Securities Inc. is the lead bank on the deal.

Covenants include maximum leverage and minimum interest coverage ratios.

Proceeds will be used to fund a distribution to shareholders.

Pro forma gross leverage is 3.9 times, and net leverage is 3.39 times.

Mercury Payment Systems is a Durango, Colo.-based payment processing company that partners with point-of-sale developers and resellers.

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