The Firm represented the initial purchasers, led by J.P. Morgan Securities LLC, in connection with the Rule 144A/Regulation S offering (the “Offering”) by Deluxe Corporation (“Deluxe”) of $450 million aggregate principal amount of 8.125% Senior Secured Notes due 2029. The Firm also represented JPMorgan Chase Bank, N.A., as joint lead arranger and administrative agent, in an amendment and restatement of Deluxe’s existing credit agreement to provide for new senior secured credit facilities consisting of a revolving credit facility in an aggregate committed amount of $400 million and a term A loan facility in an aggregate principal amount of $500 million.
Deluxe intends to use the net proceeds from the Offering, together with the borrowings under Deluxe’s new senior secured credit facilities, to (i) refinance Deluxe’s existing term A loan facility and its revolving credit facility, and (ii) pay transaction fees and expenses.
Deluxe’s solutions help businesses pay, get paid, and grow. For more than 100 years, Deluxe customers have relied on its solutions and platforms at all stages of their lifecycle, from start-up to maturity. Deluxe’s powerful scale supports millions of small businesses, thousands of vital financial institutions and hundreds of the world’s largest consumer brands, while processing more than $2 trillion in annual payment volume.
The Simpson Thacher team included David Azarkh, John O’Connell, Evan Zuckerman, Emily Anne Owen, Deniz Demirci and Emma Li (Capital Markets); Jessica Tuchinsky, Taylor Nefussy, Anita Wu and Khalia Williams (Banking and Credit); Soogy Lee and Jon Pall (Collateral); Jon Cantor (Tax); Jeanne Annarumma and Pasco Struhs (Executive Compensation and Employee Benefits); Lori Lesser, Courtney Welshimer, Christine Song and Christian Bond (Intellectual Property); and Jennie Getsin (Blue Sky).