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First Data's $16 billion Wednesday facility launch for SMAs; retail launch expected in June
By Sara Rosenberg
New York, May 29 - First Data Corp.'s Wednesday bank meeting is for senior managing agents only, with the retail meeting for the $16 billion credit facility currently anticipated as June business, according to a market source.
Credit Suisse, Citigroup, Deutsche Bank, Goldman Sachs, HSBC, Lehman Brothers and Merrill Lynch are the lead banks on the deal.
The facility consists of a $2 billion covenant-light revolver and a $14 billion covenant-light term loan, the source said.
Proceeds from the facility, along with $8 billion in bonds, will be used to help fund Kohlberg Kravis Roberts & Co.'s leveraged buyout of the company for $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.
First Data is a Greenwood Village, Colo., provider of electronic commerce and payment services for businesses.
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