Evertec Said to Reduce Rate on $400 Million Loan for Refinancing

April 8 (Bloomberg) -- Evertec Group LLC, a payment processing provider to the financial, manufacturing and telecommunications industries, cut the rate it will pay on a $400 million term loan to refinance debt, according to a person with knowledge of the matter.

The debt will pay interest at 2.75 percentage points more than the London interbank offered rate, compared with 3 percentage points more than the lending benchmark initially proposed, said the person who asked not to be identified because the information is private. Libor will have a 0.75 percent minimum, compared with 1 percent initially offered.

The debt will be sold to investors at par, the person said. Lenders submitted commitments to JPMorgan Chase & Co., the bank arranging the debt, at 1 p.m. today, the person said.

To contact the reporter on this story: Krista Giovacco in New York at kgiovacco1@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net