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.