CPI Card Group launches $435 million term B at Libor plus 400 bps

By Sara Rosenberg

New York, July 29 – CPI Card Group launched on Wednesday its $435 million term loan B with price talk of Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $475 million credit facility (B1) also includes a $40 million revolver.

Goldman Sachs Bank USA, BNP Paribas Securities Corp. and Scotiabank are the lead arrangers on the deal. BMO Capital Markets and CIBC are co-managers. Scotiabank is the administrative agent.

Proceeds will be used to refinance existing debt and fund a redemption of preferred stock.

CPI Card Group is a Littleton, Colo.-based provider of payment solutions, including card production, card personalization, mobile technologies and fulfillment services.

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