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iPayment to use note, unit proceeds to pay off debts, redeem notes
By Toni Weeks
San Diego, April 21 - iPayment, Inc. said in a press release that it will repay debt and redeem notes using the net proceeds from its planned offering of $375 million of senior notes due 2018 and parent company iPayment Holdings, Inc.'s planned offering of $150 million of units along with borrowings under its proposed senior secured credit facility.
Specifically, iPayment plans to redeem, satisfy and discharge all of its existing senior subordinated notes; permanently repay all outstanding debt under its existing senior secured credit facilities; and make a distribution to its indirect parent, iPayment Investors, LP, in an amount sufficient to enable the company to redeem, satisfy and discharge all of its existing PIK toggle notes and, subject to certain conditions, redeem all equity interests in iPayment Investors and its general partner held by the company's chairman and chief executive officer and entities controlled by him or in trust for the benefit of his family members.
iPayment is a Nashville-based provider of credit and debit card-based payment processing services.
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