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First Data to redeem 35% portion of 11¼% notes on July 21
By Marisa Wong
Madison, Wis., June 20 – First Data Corp. intends to redeem 35% of its $274.75 million outstanding 11¼% senior notes due 2021, according to a notice.
The 11¼% notes will be redeemed on July 21 at 111.25 plus accrued interest to the redemption date of $20.63 per $1,000 principal amount.
Wells Fargo Bank, NA is the trustee.
The redemption is conditioned on direct parent company First Data Holdings Inc. completing its $3.5 billion private placement of common equity.
According to an 8-K filed Thursday with the Securities and Exchange Commission, the company also plans to redeem $285 million of its 10 5/8% notes, $866 million of its 11¾% notes and $753 million of its 6¾% notes using proceeds from the private placement.
The 10 5/8% notes will be redeemed at 110.625; the 11¾% notes will be redeemed at 111.75; and the 6¾% notes will be redeemed at 106.75, in each case plus accrued interest.
The private placement is expected to close on July 11.
First Data is a global payment processing company based in Atlanta.
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