TransFirst sets talk on first- and second-lien term loans with launch

By Sara Rosenberg

New York, Dec. 13 - TransFirst Holdings Inc. released price talk on its $400 million five-year first-lien term loan B and a $200 million 51/2-year second-lien term loan that launched with a call on Thursday afternoon, according to a market source.

The first-lien term loan is talked at Libor plus 525 basis points with a 1.25% Libor floor and an original issue discount of 99 and the second-lien term loan is talked at Libor plus 975 bps with a 1.25% Libor floor and a discount of 97, the source said.

Included in the first-lien term loan is 101 soft call protection for one year, and the second-lien loan has hard call protection of 102 in year one and 101 in year two.

Amortization on the first-lien loan is 1% per annum. There is no amortization on the second-lien loan.

The deal has a total net leverage covenant.

Commitments are due on Wednesday and closing is expected during the week of Dec. 24, the source added.

Bank of America Merrill Lynch and GE Capital Markets are the lead arrangers on the deal.

Proceeds will be used to refinance existing debt, fund a dividend and redeem equity.

TransFirst is a Hauppauge, N.Y.-based provider of transaction processing services and payment enabling technologies.

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