First Data ups revolver capacity to $1.25 billion; rate drops 50 bps

By Wendy Van Sickle

Columbus, Ohio, June 3 – First Data Corp. has obtained a new five-year, $1.25 billion revolving credit facility, the company announced in a news release Wednesday.

The revolver replaces a $1 billion facility that was due to mature in September 2016.

The new facility matures on June 2, 2020 and has an interest rate of Libor plus 350 basis points, a reduction of 50 bps from the previous facility, the news release said.

There is a commitment fee of 50 bps on the undrawn portion, which may be reduced, depending on the company’s leverage ratio, according to an 8-K filing with the Securities and Exchange Commission.

Credit Suisse AG, Cayman Islands Branch is the administrative agent.

First Data is a payment processing company based in Atlanta.

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