First American Payment Systems $150 million facility to launch Wednesday

By Sara Rosenberg

New York, Sept. 12 - First American Payment Systems LP is scheduled to hold a bank meeting on Wednesday to launch its proposed $150 million credit facility, according to a market source.

JPMorgan is the lead bank on the deal.

The facility consists of a $25 million revolver and a $125 million term loan B, the source said.

Proceeds will be used to refinance existing debt and fund a dividend payment to Lindsay Goldberg & Bessemer.

First American Payment Systems is a Fort Worth, Texas, merchant acquirer that provides comprehensive electronic transaction processing services.

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