Worldpay kicks off $2 billion and £700 million secured notes due January 2031

By Paul A. Harris

Portland, Ore., Sept. 18 – Dealers kicked off an approximately $2.9 billion equivalent two-part offering of senior secured notes due Jan. 15, 2031 (Ba3/BB/BBB-) backing GTCR’s acquisition of a majority stake in Worldpay on Monday, according to market sources.

The deal, which had been telegraphed to the market since late summer, includes $2 billion of notes via issuing entity GTCR W-2 Merger Sub LLC, in the market with initial guidance in the high-7% area, and £700 million of notes via GTCR W Dutch Finance Sub BV, with initial guidance in the high-8% area.

The notes in both Rule 144A and Regulation S for life tranches become callable after three years at par plus 50% of the respective coupons.

J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc., UBS Securities LLC, Fifth Third Securities Inc., BMO Capital Markets Corp., Capital One Securities Inc., Citizens Capital Markets Inc., Lloyds Securities Inc., MUFG Securities Americas Inc., Stifel Nicolaus & Co. Inc. and Truist Securities Inc. are the joint bookrunners. JPMorgan is the left bookrunner for the dollar-denominated notes, for which it will bill and deliver. Goldman Sachs is the left bookrunner for the sterling-denominated notes, for which it will bill and deliver.

Proceeds plus $5 billion and €500 million of term loan debt will be used to finance the buyout of a majority stake in Worldpay, a Cincinnati-based provider of payment processing solutions, by GTCR from Fidelity National Information Services Inc. (FIS).

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