Commentary & Deal Flow

Moody's/S&P rated Boost Newco Borrower LLC (Worldpay) planned $8.4bn equivalent of sr sec debt Ba3/BB (stable/stable).

Also the marketing of the term loan portion of the debt financing began today. The sr sec 1st lien term loan is $4.4bn ($3.4bn and EUR $1bn equivalent), also $1bn revolver. The rest of the debt financing will be $4bn (US$/EUR/GBP) sr sec notes. Via JPM/GS/Citi/WFS/DB/UBS+. Sept biz (term loan lender call 09/13, group calls 09/14-15, deadline 09/21).

The proceeds will be used to fund the acquisition of a 55% majority/controlling stake in Worldpay from Fidelity National Information Services Inc (FIS) by GTCR for $11.7bn in cash. This values Worldpay at $18.5bn, including $1bn of contingent consideration based on future performance. FIS will maintain a 45% minority interest in Worldpay. GTCR will also invest up to $1.25bn in additional growth capital to pursue inorganic growth opportunities. JPM/GS/Citi/WFS/DB/UBS provided the debt financing commitment to support the transaction,

Biz: provides merchant payment processing system (Acquisition announced 07/06/2023). This transaction replaces the previously planned spinoff of Worldpay that was announced in February.