Expects Net Annual Reduction in Interest Expense of $10-12 Million
Global Payments Inc. (NYSE: GPN), a leading worldwide provider of
payment technology services, successfully closed an amendment to its
credit facility agreement on October 31, 2016. Under the terms of the
amendment, the company increased its aggregate term loan A facilities by
$750 million with the proceeds being used to reduce a portion of the
term loan B facility and outstanding revolving credit facility
borrowings. The company's total borrowings remain unchanged as a result
of the amendment.
The amendment also reduced the interest rate spread on the term loan A
facilities and the revolving credit facility by 25 basis points (subject
to adjustment based on an amended leveraged-based pricing grid) and on
the term loan B by 100 basis points. Further, the amendment extended the
maturities of the term loan A facilities and the revolving credit
facility to October 31, 2021. The term loan B facility matures on April
"We are delighted to announce the successful completion of the
refinancing of our existing debt facilities," stated Cameron Bready,
Executive Vice President and Chief Financial Officer. "In addition to
improving our liquidity position and extending the maturity of our term
loan A and revolving credit facilities, we expect this refinancing to
yield $10-12 million of annual interest expense savings, net of
additional anticipated expense associated with future interest rate
About Global Payments
Global Payments Inc. (NYSE: GPN) is a leading worldwide provider of
payment technology services that delivers innovative solutions driven by
customer needs globally. Our technologies, partnerships and employee
expertise enable us to provide a broad range of products and services
that allow our customers to accept all payment types across a variety of
distribution channels in many markets around the world.
Headquartered in Atlanta, Georgia with more than 8,500 employees
worldwide, Global Payments is a member of the S&P 500 with merchants and
partners in 30 countries throughout North America, Europe, the
Asia-Pacific region and Brazil. For more information about Global
Payments, our Service. Driven. Commerce brand and our
technologies, please visit www.globalpaymentsinc.com.
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Global Payments Inc.
Amy Cornm, 770-829-8755
Source: Global Payments Inc.
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