Drew Marine Group Cooperatie Ratings Unchanged Following Upsize Of First-Lien And Downsize Of Second-Lien Term Loans Nov 13
- Language: English
- Published: November 2013
Fifth Third Processing Solutions LLC (FTPS) closed an amendment to upsize the first-lien term loan to refinance its $200 million second-lien term loan. In conjunction with the upsizing, the pricing on the first-lien term loan was revised downward. The company partitioned its previously proposed $1.775 billion first-lien term loan into two tranches: a $1.621 billion first-lien term B-1 loan and a $150 million first-lien term B-2 loan. Both tranches have the same security, guarantee, and covenant package as the initial first-lien credit facilities. The tranche B-1 has the same maturity as the previous first-lien loan, but tranche B-2 matures in 2017. As previously reported, the additional first-lien debt does not affect first-lien recovery ratings, but estimated first-lien recovery expectations move...
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- Vantiv LLC
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