Syncapay completes $450M term loan for M&A; terms

Syncapay, Inc. completed its $450 million term loan B on Dec. 31, 2020, and the facility priced wide of talk at L+650, with a 1% Libor floor and an original issue discount of 96 via a BMO Capital Markets-led arranger group, according to sources. The term loan will amortize at 2.5% per annum through year three and at 5% thereafter. The call protection on the facility was also revised to hard calls of 102 and 101 in years one and two, respectively, from 12 months of 101 soft call protection previously. Proceeds from the transaction support the Centerbridge Partners-backed combination of daVinci Payments and North Lane Technologies, formerly known as Wirecard North America. On Oct. 22, 2020, Centerbridge entered into a definitive agreement to make a majority investment to support the combination of the two businesses to create a B2B payments platform provider for corporate clients managing incentive, disbursement and compensation programs. The combined entity will operate under the umbrella of daVinci's parent, Syncapay. Existing Syncapay shareholders, including Bain Capital Ventures and Silversmith Capital Partners, are rolling a significant stake into the combined entity and will continue to be minority shareholders. Terms: