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Retriever Payment Systems $580 million now set to launch Thursday
By Sara Rosenberg
New York, Sept. 29 - Retriever Payment Systems (National Processing Co.) has firmed up timing on the launch of its proposed $580 million credit facility with the scheduling of a bank meeting for Thursday, according to a market source.
Originally the deal was expected for the week of Oct. 2, but during the Sept. 25 week, it was said that the launch was going to be pushed off to the week of Oct. 9. The back and forth on timing was a result of management scheduling issues, the source explained.
The facility consists of a $50 million revolver, a $390 million first-lien term loan and a $140 million second-lien term loan.
Price talk on the transaction is expected to emerge at the bank meeting, the source added.
Merrill Lynch, Bank of America and Bear Stearns are the lead banks on the deal, with Merrill the left lead.
Proceeds will be used to fund the acquisition of the Louisville, Ky.-based Independent Sales Organization merchant processing businesses of BA Merchant Services by Iron Triangle Payment Systems, a GTCR Golder Rauner portfolio company.
Louisville, Ky.-based Iron Triangle Payment conducts its operations through its wholly owned subsidiary, Retriever Payment Systems, a leading merchant processor in the small and medium business market.
Based upon the number of merchant locations served, the consolidated business operations resulting from the acquisition will rank as the sixth largest provider of merchant processing services in the United States, supporting over 260,000 merchant locations.
Included in the transaction is the National Processing Co. brand name and Best Payment Solution, Inc.
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