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North American Bancard to launch $160 million facility on Wednesday
By Sara Rosenberg
New York, April 2 - North American Bancard is scheduled to hold a bank meeting at 1 p.m. ET on Wednesday to launch a proposed $160 million credit facility, according to a market source.
Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. are the lead banks on the deal.
The facility consists of a $10 million five-year revolver and a $150 million six-year term loan, the source said.
Price talk on the facility is Libor plus 550 basis points with a 1.5% Libor floor and an original issue discount of 98, the source continued.
The term loan has 101 repricing protection for one year and amortizes at a rate of 5% in year one, 7.5% in years two and three, and 10% in years four and five.
Proceeds will be used to repay existing debt and fund a dividend.
North American Bancard is a Troy, Mich.-based merchant acquirer for payment processing.
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