First Data to redeem 35% portion of 6¾% senior secured notes due 2020

By Marisa Wong

Madison, Wis., July 2 – First Data Corp. intends to redeem 35% of its $752.5 million outstanding 6¾% senior secured notes due 2020, according to a notice.

According to three earlier notices, the company also intends to redeem 35% of its $274.75 million outstanding 11¼% senior notes due 2021, 35% of its $866.25 million outstanding 11¾% senior subordinated notes due 2021 and 35% of its $285.25 million outstanding 10 5/8% senior notes due 2021.

The 11¾% notes will be redeemed on July 11, and the 10 5/8% notes, 11¼% notes and 6¾% notes will be redeemed on July 21.

The 6¾% notes will be redeemed at 106.75 plus accrued interest to the redemption date of $15 per $1,000 principal amount.

As previously announced, the 11¼% notes will be redeemed at 111.25 plus accrued interest to the redemption date of $20.63 per $1,000 principal amount; the 11¾% notes will be redeemed at 111.75 plus accrued interest to the redemption date of $47.65 per $1,000 principal amount; and the 10 5/8% notes will be redeemed at 110.625 plus accrued interest to the redemption date of $46.04 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 previously filed with the Securities and Exchange Commission, the company plans to redeem the notes using proceeds from the private placement.

The private placement is expected to close on July 11.

First Data is a payment processing company based in Atlanta.

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