PaymentSense changes deal currency, now selling £290 million secured notes; initial talk 8¾% area

By Paul A. Harris

Portland, Ore., July 29 – PaymentSense Ltd. shifted the currency of its five-year senior secured notes offering to British pounds from euros, according to market sources.

The revamped deal features £290 million of the notes, with initial guidance in the 8¾% area.

Prior to the change, the London-based merchant services provider was offering €320 million of the notes, which had been guided in the 8% area.

The changes are leverage neutral, sources say.

The deal, which kicked off earlier in the week, is being shopped by means of investor conference calls set to take place until Friday.

JPMorgan is the lead.

The notes come with two years of call protection.

Proceeds will be used to repay debt.

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