Simpson Thacher Represents First Data Corporation in Refinancing
04.15.11
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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 extension amendment with certain lenders under its existing senior secured credit facilities pursuant to which the maturity date was extended on approximately $1.25 billion of revolving commitments and $5.0 billion of term loans under such senior secured credit facilities. First Data also sold $750 million aggregate principal amount of 7.375% Senior Secured Notes due 2019 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 related fees and expenses.
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, Daniel Kay and Seth Niedermeyer (Banking and Credit), Richard Fenyes, David Azarkh and Federico Fruhbeck (Capital Markets), Erik Hepler (Collateral), Mardi Merjian (Real Estate) and Steve Todrys, Jonathan Cantor and Andrew Purcell (Tax). Paralegal Drew Blacker provided valuable assistance.