Western Union gets $1.65 billion new revolver at Libor plus 110 bps

By Angela McDaniels

Tacoma, Wash., Oct. 1 – Western Union Co. entered into a credit agreement on Tuesday that provides for a $1.65 billion revolving credit facility due Sept. 29, 2020, according to an 8-K filing with the Securities and Exchange Commission.

Citibank, NA is the administrative agent. Citibank, and Bank of America, NA are issuing lenders. Bank of America and Bank of New York Mellon are the syndication agents. Barclays Bank plc, U.S. Bank NA and Wells Fargo Bank, NA are the documentation agents.

The new credit agreement replaced the existing financing facility, which was terminated on Tuesday.

The new revolver has a $250 million letter-of-credit subfacility and an initial interest rate of Libor plus 110 basis points. The spread over Libor ranges from 90 bps to 150 bps.

Under the new credit agreement, Western Union must maintain compliance with a consolidated interest coverage ratio covenant.

The money movement and payment services company is based in Englewood, Colo.

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