Commentary & Deal Flow

Worldpay (GTCRWM) approx $2.867bn equivalent (US$/GBP) 144A/Reg S sr sec 1st lien notes 2-part. Ba3/BB/BBB- (stable/stable/stable). Via JPM (left and B&D on the US$ tranche)/GS (left and B&D on the GBP tranche)/Citi/WFS/DB/UBS/FITB/BMO/Capone/Citizens/LLoyds/MUFG/Stifel/TSI jt books. No reg rights. Pays Jan 15 and July 15 starting 07/15/24. SMR at 100 if the acquisition does not close by 07/05/24.

- GTCR W-2 Merger Sub LLC (Worldpay) $2bn sr sec 1st lien notes due 01/15/31 (7.25y). NC3.25 (01/15/27) (MWC T+50bp) (50%,25%,par). Equity claw: 3.25y 40%. Special call: 10% per year the first 3 years at 103. IPT high 7s. Px talk: 7.50%-7.625%.

- GTCR W-2 Merger Sub LLC/GTCR W-2 Dutch Finance Sub BV (Worldpay) GBP700m (US$867m equivalent) sr sec 1st lien notes due 01/15/31 (7.25y). NC3.25 (01/15/27). (MWC G+50bp) (50%,25%,par). Equity claw: 3.35y 40%. Special call: 10% per year the first 3 years at 103. List ISE. NY law. IPT high 8s. Px talk: 8.50%-8.625%.

Did investor call at 10am NYT / 3pm IKT yesterday. Books close at 5pm NYT today / 10am UKT tomorrow. Pricing tomorrow (term loan lender call was 09/13, group calls 09/14-15). UOP: along with $5.5bn (up from $4.4bn) ($5bn and EUR500m ($533m equivalent)) term loan B (and $1bn revolver) (US$8.4bn total debt, US9.4bn total with the revolver), to fund the acquisition of a 55% majority/controlling stake in Worldpay from Fidelity National Information Services Inc (FIS) by GTCR for $13.4bn 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 contribute $5.335bn in equity. GTCR will also invest up to $1.25bn in additional growth capital to pursue inorganic growth opportunities. Closing is expected by Q1 2024. Biz: provides merchant payment processing systems. HQ: London, UK. (Acquisition announced 07/06/2023). This transaction replaced the previously planned spinoff of Worldpay that was announced in February.