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Shift4 Payments to launch $70 million incremental loan on Tuesday
By Sara Rosenberg
New York, Sept. 23 – Shift4 Payments LLC is scheduled to hold a lender call at 3 p.m. ET on Tuesday to launch a fungible $70 million incremental covenant-lite first-lien term loan due November 2024, according to a market source.
Credit Suisse Securities (USA) LLC is the left lead arranger on the deal.
Pricing on the incremental term loan is Libor plus 450 basis points with a 1% Libor floor, in line with existing first-lien term loan pricing.
Original issue discount talk on the incremental term loan is in the range of 99 to 99.5, the source said.
Proceeds will be used to refinance a revolving credit facility draw.
Expected term loan ratings are B1/B+.
Commitments are due at 5 p.m. ET on Oct. 1, the source added.
Shift4, formerly known as Lighthouse Network LLC, is an Allentown, Pa.-based independent merchant acquiring payment solutions and point of sale software provider.
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