Global Client Solutions wraps $260M term loan for dividend recap; terms

Global Client Solutions LLC has completed its $260 million first-lien term loan due March 2026 (L+600, 1% Libor floor) that priced at the tight end of talk at an original issue discount of 98.5 via lead arranger Goldman Sachs, according to sources. The term loan B has a 50 bps margin step-up at 0.5x outside closing date leverage, and a 50 bps step-down at 0.5x inside closing date leverage. The loan will be governed by total net leverage and fixed-charge coverage covenants and there are 102 and 101 hard calls in years one and two, respectively. Proceeds from the deal will be used to refinance the issuer's existing debt and fund a distribution to shareholders. In addition to the TLB, an $8 million revolver will be put in place. Global Client Solutions, backed by New State Capital Partners, is a specialty payments platform that manages incoming consumer deposits and outgoing creditor payments. Terms: