Capco launches $250 million term loan B at Libor plus 400 bps

By Sara Rosenberg

New York, July 13 – Cardinal US Holdings Inc. (Capco) launched on Thursday its $250 million seven-year term loan B with price talk of Libor plus 400 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months and 75 bps MFN protection with a 12-month sunset, the source said.

The company’s $315 million of credit facilities also include a $65 million five-year revolver.

Barclays, Credit Suisse Securities (USA) LLC, BMO Capital Markets, HSBC Securities (USA) Inc., Natixis, Credit Agricole, ING and Fifth Third Bank are the bookrunners on the deal.

Commitments are due at noon ET on July 27, the source added.

Proceeds will be used to help fund the purchase by Clayton, Dubilier & Rice (CD&R) of a 60% interest in the company from FIS, and FIS will retain a roughly 40% interest in the company.

FIS will receive net cash proceeds of $477 million for the 60% interest it is selling in the company.

Closing is expected by early third quarter, subject to required regulatory approvals and customary conditions.

Capco is a provider of business, digital and technology consulting services for the financial services industry.

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