Global Payments closes amended $5.2 billion revolver, term loans

By Marisa Wong

Morgantown, W.Va., May 4 – Global Payments Inc. entered into a fourth amendment to its previously amended credit facility on May 2, according to an 8-K filing with the Securities and Exchange Commission.

The amended facility provides for a $1.2 billion revolver, a $1.5 billion term loan A, a $1.3 billion term loan A-2 and a $1.2 billion term loan B-2.

The amendment increased the total financing capacity available under the facilities to $5.2 billion. However, the company’s aggregate outstanding debt under the facility did not change, because the company repaid some outstanding amounts under the revolver, the term A loan and the term A-2 loan in connection with the latest amendment.

The term loan A, term loan A-2 and the revolver mature on May 2, 2022. The term loan B-2 matures on April 22, 2023.

The term loan A, term loan A-2 and the revolver bear interest at Libor plus a margin ranging from 125 basis points to 200 bps, depending on the company’s leverage ratio. The term loan B-2 bears interest at Libor plus 200 bps.

The commitment fee under the revolver ranges from 20 bps to 30 bps, depending on the leverage ratio.

The amended agreement contains financial covenants based on the company’s leverage and fixed-charge coverage ratios.

Bank of America, NA is the administrative agent.

Global Payments is an Atlanta-based provider of payment technology services.

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