BNP Paribas and Bank of America are providing $300 million in debt financing to back Cardtronics acquisition of Bank Machine, a U.K.-based ATM deployer, from private equity firm Bridgepoint Capital. The loans will also refinance existing debt.
The financing for Houston, Texas-based Cardtronics consists of $225 million of first-lien debt and a $75 million second-lien tranche that is a bridge-to-bond offering. The first-lien includes a $100 million revolver and a $125 million "A" loan. Pricing on the pro rata debt is LIBOR plus 3%. The second lien is not expected to be syndicated.
The acquisition will expand Cardtronics' portfolio of ATMs to 26,000. Cardtronics' two largest shareholders are private-equity firms TA Associates and CapStreet Group. TA invested $75 million in Cardtronics last March. Westley Horton, v.p. marketing and financial services at Cardtronics, did not return calls.