The Firm recently represented First Data Corporation in steps designed to increase its flexibility and options to refinance and extend the maturities of its current capital structure. To effect these changes, First Data entered into an amendment with lenders under its existing senior secured credit facilities. First Data also sold $510 million aggregate principal amount of 8.875% Senior Secured Notes due 2020 in reliance on Rule 144A and Regulation S.
First Data used the net proceeds of the debt offering, together with cash on hand, to repay term loans under its senior secured credit facilities and to pay fees and expenses associated with the amendment and the notes issuance.
First Data is a portfolio company of KKR and one of the largest global technology and payments processors, providing electronic commerce and payment solutions for merchants, financial institutions and card issuers worldwide.
The Simpson Thacher team for these transactions included James Cross and Eli Isak (Banking and Credit), Richard Fenyes, Mark Brod and Rachel Dominique (Capital Markets), Erik Hepler (Collateral) and Aimee Adler (Executive Compensation & Employee Benefits), Parijat Sharma (Intellectual Property), Mardi Merjian (Real Estate), Steve Todrys, Jonathan Cantor and Jennifer Klein (Tax), Mark Chorazak (Bank Regulatory). Paralegals Issis Palomo, Christine Lawton and Nicole Escobar provided valuable assistance.