Fidelity ups tender cap for 2025, 2048, 2046 notes to $811.97 million

By Marisa Wong

Los Angeles, Dec. 6 – Fidelity National Information Services (FIS) announced the early results of its cash tender offer for a maximum amount of its $900 million 5% senior notes due 2025, $600 million 4.75% senior notes due 2048 and $500 million 4.5% senior notes due 2046.

FIS increased the maximum repurchase amount to $811,972,000 from the originally announced $650 million, according to a Friday press release.

As of 5 p.m. ET on Dec. 5, the early tender date, holders had tendered the following, with the notes listed in order of acceptance priority level:

• $288,072,000 of the 5% notes due 2025, with pricing to be calculated based on the 1.5% Treasury due Oct. 31, 2024 plus a spread of 55 bps;

• $347,921,000 of the 4.75% notes due 2048, with pricing based on the 2.25% Treasury due Aug. 15, 2049 plus a spread of 115 bps; and

• $175,979,000 of the 4.5% notes due 2046, with pricing based on the 2.25% Treasury due Aug. 15, 2049 plus a spread of 120 bps.

Pricing will be set at 10 a.m. ET on Dec. 6.

The total consideration will include an early tender payment of $30.00 per $1,000 principal amount of notes tendered by the early tender time.

Holders will also receive accrued interest.

Payment for early tendered notes is expected to occur on Dec. 9.

The offer expires at 11:59 p.m. ET on Dec. 19.

Because the offer has been fully subscribed as of the early tender date, holders who tender notes after the early deadline will not have any of their notes accepted for purchase, according to Friday’s press release.

Tenders may no longer be withdrawn.

As announced on Nov. 21, FIS launched the capped tender offer alongside a cash tender offer for any and all of its $1.15 billion 3.625% senior notes due 2020, $750 million 2.25% senior notes due 2021 and $300,006,000 4.5% senior notes due 2022.

By the expiry of the any-and-all offer at 5 p.m. ET on Dec. 2, holders had tendered $545,508,000 of the 2020 notes; $638,618,000 of the 2021 notes; and $158,294,000 of the 2022 notes.

The tender offers are subject to a financing condition.

The dealer managers are BofA Securities, Inc. (980 387-3907 or 888 292-0070) and J.P. Morgan Securities LLC (866 834-4666 or 212 834-3424).

The information and tender agent is D.F. King & Co., Inc. (212 269-5550 for banks and brokers, 800 549-6864 for all others or fis@dfking.com).

Fidelity is a financial services technology company based in Jacksonville, Fla.

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