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North American Bancard sets Monday bank meeting for $640 million loan
By Paul A. Harris
Portland, Ore., June 1 – North American Bancard plans to launch a $640 million seven-year first lien term loan (expected ratings B2/B) at a bank meeting set for noon ET on Monday, according to a market source.
Commitments are due at 5 p.m. ET on June 5.
Credit Suisse Securities (USA) LLC is the lead.
The deal comes with 101 soft call protection for six months
The Troy, Michigan-based provider of payment processing solutions plans to use the proceeds to help finance the acquisition of Total Merchant Services, Inc. and refinance debt.
The borrowing entities are NAB Holdings, LLC and North American Bancard, LLC.
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