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Western Union gets $1.5 billion revolver, $950 million term loan
By Wendy Van Sickle
Columbus, Ohio, Dec. 20 – Western Union Co. entered into a $1.5 billion amended and restated revolving credit agreement and a $950 million amended and restated term loan facility on Dec. 18, according to an 8-K filing with the Securities and Exchange Commission.
$1.5 billion revolver
The revolver has a $250 million letter-of-credit subfacility.
Revolver borrowings generally bear interest at Libor plus 110 basis points, but the margin above Libor may vary from 90 bps to 150 bps based on credit ratings.
The revolver matures on Jan. 8, 2024.
Citibank, NA, Bank of America Merrill Lynch and Wells Fargo Securities LLC are the joint lead arrangers and bookrunners. Bank of America, NA and Wells Fargo Bank, NA are the syndication agents, Barclays Bank plc, JPMorgan Chase Bank, NA and U.S. Bank NA are the documentation agents. Citibank, NA is the administrative agent.
$950 million term loan
Western Union has the option to increase commitments under the new term loan agreement by up to $400 million.
Proceeds may be used for working capital and general corporate purposes.
The term loan agreement matures on matures on Jan. 8, 2024.
The term loan borrowings generally bear interest at Libor plus 125 bps, but the margin above Libor may vary from 100 bps to 175 bps based on credit ratings.
Bank of America Merrill Lynch, Bank of Montreal, Citibank, NA, Mizuho Bank (USA), State Bank of India, U.S. Bank NA and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners.
Citibank, Mizuho, U.S. Bank and Wells Fargo Bank, NA are the syndication agents.
Banco Bilbao Vizcaya Argentaria, SA, New York Branch, Barclays Bank plc, Fifth Third Bank, Keybank NA, PNC Bank, NA and Bank of Nova Scotia are the documentation agents. Bank of America, NA is the administrative agent.
The money movement and payment services company is based in Englewood, Colo.
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