Syncapay updates spread, discount on $450 million term loan B

By Sara Rosenberg

New York, Dec. 23 – Syncapay Inc. revised price talk on its $450 million seven-year term loan B to Libor plus 650 basis points from talk in the range of Libor plus 625 bps to 650 bps, according to a market source.

Also, the original issue discount on the term loan widened to 96 from 97, and the call protection was changed to a hard call of 102 in year one and 101 in year two from a 101 soft call for one year, the source said.

Furthermore, amortization was increased to 2.5% per annum in years one, two and three, and 5% thereafter, from 1% per annum.

As before, the term loan has a 1% Libor floor.

The company’s $500 million of credit facilities (B2/B) also include a $50 million revolver.

The credit agreement is expected to finalize on Dec. 30, the source added.

BMO Capital Markets, Fifth Third and Truist are the leads on the deal.

Proceeds will be used to help fund the merger of Buffalo Grove, Ill.-based daVinci Payments, a deliverer of corporate funded payments, and Conshohocken, Pa.-based North Lane, a payments technology company, with Syncapay the holding company.

With this transaction, Centerbridge Partners LP is making a new majority equity investment in Syncapay.

Syncapay is a Plano, Tex.-based acquirer of payment companies.

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