Banks Cut Rates on Network's $328 Million Loan Before London IPO
(Bloomberg) -- Lenders to Dubai-based card payments processing firm Network International LLC cut interest rates on a $328 million acquisition loan by a fifth before its parent raised $1.4 billion in an initial public offering.
Banks reduced margins on the dollar tranche to 275 basis points and to 250 basis points on the dirham portion, according to Network International Holdings Ltd. IPO prospectus filed in London earlier this year. That represents a reduction of 75 basis points on the facilities, according to data compiled by Bloomberg.
Network International raised the loan in 2016 to buy Emerging Markets Payments Holdings (Mauritius) Ltd., according to a statement at the time. General Atlantic LLC and Warburg Pincus LLC, which then owned 49 percent of Network, sponsored the facility that matures in 2022.
Citigroup Inc., First Abu Dhabi Bank PJSC, Abu Dhabi Commercial Bank PJSC and Union National Bank PJSC provided the loan, according to data compiled by Bloomberg.
The share sale earlier this month was one of Europe’s biggest offering this year. The IPO allows shareholders Emirates NBD PJSC, Warburg Pincus and General Atlantic to reduce their stakes in the company.
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