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Mercury Payment flexes $200 million term loan B to Libor plus 500 bps
By Sara Rosenberg
New York, June 29 - Mercury Payment Systems LLC increased pricing on its $200 million six-year term loan B to Libor plus 500 basis points from talk of Libor plus 475 bps, according to a market source.
In addition, the original issue discount widened to 99 from 991/2, the source said.
The 1.5% Libor floor and 101 soft call protection for one year were left unchanged.
The company's $225 million credit facility (BB-) also includes a $25 million revolver.
Deutsche Bank Securities Inc., Barclays Capital Inc. and Credit Suisse Securities (USA) LLC are the lead banks 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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