Global Payments closes amended $5.5 billion revolver, term loans

By Wendy Van Sickle

Columbus, Ohio, June 21 – Global Payments Inc. entered into a fifth amendment to its previously amended credit facility on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

The amended facility provides for a $1.5 billion revolving credit facility, a $1.5 billion term loan A, a $1.37 billion term loan A-2 and a $1.14 billion term loan B-2. The revolver size is an increase of $250 million from before the amendment, according to a news release.

The amendment increased the total financing capacity available under the facilities to $5.5 billion. However, the company’s aggregate outstanding debt under the facility did not change.

The term loan A, term loan A-2 and the revolver mature on Jan. 20, 2023. 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 current rate of these facilities, which was not specified, is a reduction of 25 bps from before the amendment.

The term loan B-2 bears interest at Libor plus 175 bps.

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

The credit facilities may be increased by up to $850 million.

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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