Paysafe Group discloses first- and second-lien term loan price talk

By Sara Rosenberg

New York, Nov. 15 – Paysafe Group plc released price talk on its first- and second-lien term loans in connection with its London bank meeting on Wednesday, according to a market source.

A bank meeting for U.S. investors will take place in New York at 9:30 a.m. ET on Friday.

The $957.5 million seven-year covenant-light first-lien term loan (B1/B) is talked at Libor plus 350 basis points with a 1% Libor floor and an original issue discount of 99.5, and the $957.5 million equivalent euro seven-year covenant-light first-lien term loan (B1/B) is talked at Euribor plus 350 bps with a 0% floor and a discount of 99.5, the source said.

The $250 million eight-year covenant-light second-lien term loan (Caa1/CCC+) is talked at Libor plus 725 bps with a 1% Libor floor and an original issue discount of 99, and the $250 million equivalent euro eight-year covenant-light second-lien term loan (Caa1/CCC+) is talked at Euribor plus 700 bps with a 0% floor and a discount of 99.

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

Credit Suisse, Jefferies, Morgan Stanley, BMO and Deutsche Bank are the lead arrangers on the deal. Blackstone is a co-manager.

Commitments are due on Nov. 29, the source added.

Proceeds will be used to help fund the buyout of the company by Blackstone and CVC.

Paysafe is an Isle of Man-based provider of end-to-end payment solutions.

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