Fitch rates First Data loan, notes BB-

Fitch Ratings said it assigned a BB- rating and recovery rating of RR2 to First Data Corp.'s proposed $400 million senior secured loan issuance and $250 million senior secured note offering.

The proceeds will be used to repay an equivalent amount of borrowings outstanding under the company's remaining $1.8 billion senior secured term loan maturing 2014.

The $250 million note offering will be an extension of the 6¾% notes due 2020 that the company issued in August 2012, Fitch said.

Its total liquidity as of June 30 was solid and consisted of $484 million in cash and $1.4 billion available under a $1.5 billion senior secured revolving credit facility, the agency said.

First Data has a long-term issuer default rating of B, along with BB- ratings with a recovery ratings of RR2 on its $499 million senior secured revolving credit facility due September 2013, $1 billion senior secured revolving credit facility due September 2016, $1.8 billion senior secured term loan B due 2014, $2.4 billion senior secured term loan B due 2017, $295 million senior secured term loan B due 2017, $4.7 billion senior secured term loan B due 2018, $1.6 billion 7 3/8% senior secured notes due 2019, $510 million 8 7/8% senior secured notes due 2020 and $1.3 billion 6¾% senior secured notes due 2020.

The company has a CCC+ rating and a recovery rating of RR6 on its $2 billion 8¼% junior secured notes due 2021, $1 billion 8¾% and 10% PIK toggle junior secured notes due 2022, $3 billion 12 5/8% senior unsecured notes due 2021, $784 million 9 7/8% senior unsecured notes due 2015, $748 million 10.55% senior unsecured notes with mandatory paid-in-kind interest through September 2011 due 2015 and $2.5 billion 11¼% senior subordinated notes due 2016.

The outlook is negative.

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