iPayment gets $760 million debt commitment for public-to-private transaction

By Sara Rosenberg

New York, Dec. 28 - iPayment Holdings Inc. has received a commitment for $760 million from Bank of America to help fund the recently announced public-to-private transaction of iPayment Inc., according to a company news release.

Under the proposal, Gregory S. Daily, iPayment's chairman and chief executive officer, and Carl A. Grimstad, iPayment's president, formed iPayment Holdings to purchase the company from stockholders at a price of $43.50 per share in cash.

Daily and Grimstad have committed $206.6 million in equity financing to help fund the deal as well.

The transaction, which is expected to be completed in the first half of 2006, is subject to financing, regulatory approvals, stockholders approval and other customary conditions.

iPayment is a Nashville, Tenn.-based provider of credit and debit card-based payment processing services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.