Lighthouse shifts funds between first- and second-lien term loans

By Sara Rosenberg

New York, Nov. 20 – Lighthouse Network LLC upsized its seven-year covenant-light first-lien term loan to $430 million from $390 million and downsized its eight-year covenant-light second-lien term loan to $130 million from $170 million, according to a market source.

Pricing on the first-lien term loan remained at Libor plus 450 basis points with a 1% Libor floor and an original issue discount of 99.5, and pricing on the second-lien term loan is still Libor plus 850 bps with a 1% Libor floor and a discount of 99.

As before, included in the first-lien term loan is 101 soft call protection for six months, and the second-lien term loan has call protection of 102 in year one and 101 in year two.

The company’s $600 million of credit facilities also provide for a $40 million revolver.

Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Citizens Bank are the bookrunners on the deal.

Recommitments were scheduled to be due at noon ET on Monday, the source added.

Proceeds will be used to fund a tuck-in acquisition and to refinance existing debt.

Lighthouse, formerly known as Harbortouch LLC, is an Allentown, Pa.-based independent merchant acquirer and payment solutions provider.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.