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First Data gets debt commitment from seven banks to back LBO by KKR
By Sara Rosenberg
New York, April 2 - First Data Corp. has received a debt financing commitment from Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Lehman Brothers and Merrill Lynch to help back its leveraged buyout by Kohlberg Kravis Roberts & Co., according to an 8-K filed with the Securities and Exchange Commission Monday.
Under the agreement, First Data shareholders will receive $34.00 in cash per share. The total value of the transaction is about $29 billion.
First Data plans to tender for all of its outstanding bonds in conjunction with the closing.
Completion of the transaction, which is subject to the approval of First Data shareholders, regulatory approvals and customary closing conditions, is expected by the end of the third quarter. The transaction is not conditioned upon receipt of financing.
First Data is a Greenwood Village, Colo., provider of electronic commerce and payment services for businesses.
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