Simpson Thacher Represents First Data in Refinancing
10.16.13
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Simpson Thacher represented First Data Holdings Inc. (“First Data”) 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 agreed to issue $300 million of new convertible preferred equity to KKR and other existing shareholders. The net proceeds will be used to repay a portion of the approximately $2 billion of its 11.5% senior PIK notes due 2016, with the remainder to be exchanged for new 14.5% senior PIK notes due 2019.
First Data Corporation, a wholly-owned subsidiary of 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 Gary Horowitz, Roxane Reardon, Ravi Purushotham and Jonathan Stradling (Equity), Richard Fenyes, David Azarkh and Tony Rim (Debt) and Steve Todrys and Jonathan Cantor (Tax).