20 August 2017
Find out more

Global Payments completes $300m unsecured term loan

13 July 2009  |  1320 views  |  0 Source: Global Payments

Global Payments (NYSE: GPN), a leading provider of electronic transaction processing solutions, announced today the completion of a $300 million, three-year, unsecured term loan with a syndicate of financial institutions.

Based on strong investor demand, the original requested loan amount of $150 million was increased to the present $300 million. The company structured the loan as a $230 million U.S. dollar tranche and a $70 million equivalent British Pounds Sterling tranche (44 million in local currency) to better leverage cash flow generated by its operations in the United Kingdom. The term loan has a variable interest rate based on LIBOR plus applicable margin that varies with the company's leverage position and expires in July 2012.

Global intends to use the proceeds to pay down its existing $350 million revolving credit facility which was used to pay for the $307.7 million acquisition of the remaining 49% ownership in the U.K. joint venture with HSBC.

"By paying off our revolving credit facility, this new loan creates substantial flexibility for us to continue to pursue additional strategic opportunities to drive long term growth," said Global Payments' Executive Vice President and Chief Financial Officer, David E. Mangum. "In addition, we are pleased by the high confidence level from our bank partners resulting in the substantial over-subscription of the term loan."


Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.worldpaymentsreport.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9311 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7978 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7477 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
6927 views 0 | 1 tweets | 1 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
6600 views comments | 14 tweets | 12 linkedin

Featured job

Competitive base and bonus, plus benefits
London, UK

Find your next job