Lighthouse Network to launch $80 million of term loans on Tuesday

By Sara Rosenberg

New York, Sept. 25 – Lighthouse Network LLC will hold a lender call at 10 a.m. ET on Tuesday to launch $80 million of fungible incremental term loans, according to a market source.

Credit Suisse Securities (USA) LLC and Citizens Bank are the bookrunners on the deal.

The debt consists of a $60 million incremental first-lien term loan due October 2023 and a $20 million incremental second-lien term loan due October 2024, the source said.

Pricing on the incremental first-lien term loan is Libor plus 475 basis points with a 1% Libor floor, and pricing on the incremental second-lien term loan is Libor plus 950 bps with a 1% Libor floor, both in line with existing term loan pricing, the source continued.

Original issue discounts on the incremental loans are not yet available.

Proceeds will be used to fund tuck-in acquisitions.

Expected first-lien ratings are B1/B+, and expected second-lien ratings are Caa1/CCC+.

Commitments are due on Oct. 3, the source added.

Lighthouse, formerly known as Harbortouch LLC, is an Allentown, Pa.-based independent merchant acquirer and payment solutions provider.

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