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Global Payments prices USD3.0bn senior unsecured notes.

M2 EQUITYBITES-August 8, 2019-Global Payments prices USD3.0bn senior unsecured notes

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Global Payments Inc (NYSE:GPN) priced a public offering of USD3.0bn total of senior unsecured notes, consisting of USD1.0bn of 2.650% senior unsecured notes due 2025; USD1.25bn of 3.200% senior unsecured notes due 2029; and USD750m of 4.150% senior unsecured notes due 2049, it declared on Thursday.

The offering that is subject to the satisfaction of customary closing conditions and is being conducted related to the proposed merger with Total System Services Inc (TSYS), will close on 14 August 2019. It is being made under a shelf registration statement filed with the US Securities and Exchange Commission.

Net proceeds together with borrowings under the company's new unsecured USD2.0bn term loan facility and new unsecured USD3.0bn revolving credit facility that closed on 9 July 2019, as well as available cash on hand, will be used by the company to refinance some of its and TSYS' outstanding debt. Also, the proceeds will make cash payments in lieu of fractional shares as part of the merger consideration, pay transaction fees and costs related to the merger and for other general corporate purposes.

A payment technology and software solutions company, Global Payments delivers innovative services worldwide. It provides a broad range of solutions for all payment types and operates their businesses across a variety of distribution channels.

The company is headquartered in Atlanta, Georgia, USA and has about 11,000 employees worldwide.

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Date:Aug 8, 2019
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