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Fidelity earmarks note proceeds for term loan paydown, 7.875% note redemption
By Jennifer Chiou
New York, May 27 - Fidelity National Information Services, Inc. intends to use the proceeds from an offering of senior notes to repay up to $550 million of its term loan A-4 and to redeem its $500 million of 7.875% senior notes due 2020, according to a 424B5 filing with the Securities and Exchange Commission.
Proceeds will also be used for general corporate purposes.
The filing stated that the note redemption will occur around July 15. Fidelity added that it expects to use additional borrowings under its revolving credit facility for this redemption.
As of March 31, the outstanding principal balance of the term loan A-4 was $1,862,500,000 with a weighted average interest rate of 1.4%.
Also as of the end of March, the outstanding principal balance of Fidelity's revolving credit facility was $443 million with an interest rate of Libor plus 125 bps.
Fidelity National is a Jacksonville, Fla.-based banking and payment technologies company.
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