First Data extends some term loans, repays some with new loans

By Tali Rackner

Norfolk, Va., June 3 – First Data Corp. entered into an extension amendment and joinder relating to its credit agreement with administrative agent Credit Suisse AG, Cayman Islands branch, according to an 8-K filing with the Securities and Exchange Commission.

Under the the June 2 extension amendment and joinder, the company extended the maturity of: (a) roughly $692 million of its existing dollar-denominated term loans maturing to July 10, 2022 from Sept. 24, 2018; and (b) about €226 million of its existing euro-denominated term loans to July 10, 2022 from March 24, 2018.

First Data also incurred an aggregate principal amount of: (a) roughly $316 million of new dollar-denominated term loans; and (b) roughly €85 million of new euro-denominated term loans, in each case with an ultimate maturity date of July 10, 2022.

Interest under both loans is equal to Libor plus 375 basis points.

Proceeds from the new term loans were used to repay the portion of the existing term loans that were not extended.

First Data is an Atlanta-based provider of payment processing solutions.

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