FIS, Jacksonville, Fla., has closed on a private offering of $1.1 billion of unsecured notes.
There were two categories of notes sold: $600 million of 7.625% senior unsecured notes due 2017 and $500 million of 7.875% senior unsecured notes due 2020.
In addition, FIS has closed a new $1.5 billion tranche of additional term loans under its existing credit facility, also known as the "Term Loan B." Term Loan B bears interest at either a eurocurrency rate plus 3.75% per annum (subject to a eurocurrency floor of 1.5%) or a base rate plus 2.75% per annum.
The Term Loan B matures on July 18, 2016, with required principal amortization payments of 1% per year until maturity.
FIS intends to use the proceeds from all three, together with borrowings under its existing credit facility and its existing accounts receivable facility, to repay in full the outstanding amount under, and terminate, the credit facility assumed in connection with the acquisition of Metavante Technologies Inc., and to repurchase shares of common stock.
