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NCP's upsized $165 million Libor plus 975 bps term loan prices at 98
By Paul A. Harris
Portland, Ore., Sept. 26 - NCP Finance upsized its Libor plus 975 basis points five-year term loan (Caa1/B-) to $165 million from $160 million and priced it at 98, whereupon the deal was allocated, a market source said on Thursday.
The spread and reoffer price came on top of talk.
The deal features a 1.25% Libor floor and is non-callable for three years, then at 105 in year four.
Jefferies Finance LLC is the lead.
Proceeds will be used to refinance existing debt and fund an expansion of the company's existing business. Proceeds resulting from the $5 million upsizing of the loan will be used for general corporate purposes.
NCP is a Dayton, Ohio-based provider of funds for cash advances, title loans, subprime and installment loans for credit service organizations.
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