WorldPay Seeks to Cut Interest Margins on Senior LBO Loans
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WorldPay Ltd. is seeking to reduce the interest on 927 million pounds ($1.5 billion) of senior loans it used to finance its acquisition by Advent International Corp. and Bain Capital LLC last year, according to a person with direct knowledge of the deal.
The Cambridge, England-based credit card processor asked holders of 542 million pounds of debt to cut the interest margins by 50 basis points, said the person, who declined to be identified because the deal is private. Investors in the non-bank term loan B for 385 million pounds were asked to reduce their margin by 25 basis points to 475, the person said.