New Issue: Fiserv sells $2 billion of senior notes in three tranches

By Wendy Van Sickle

Columbus, Ohio, Feb. 26 – Fiserv, Inc. priced $2 billion of senior notes (Baa2/BBB) in three tranches on Monday, according to an FWP filing with the Securities and Exchange Commission.

A $750 million tranche of 5.15% three-year notes priced at 99.901 to yield 5.185%, or a spread of 68 basis points over Treasuries.

A $500 million tranche of 5.35% seven-year notes priced at 99.83 to yield 5.379%, or a spread of 105 bps over Treasuries.

The company sold $750 million of 5.45% 10-year notes at 99.99 to yield 5.451%. The notes priced with a Treasuries plus 115 bps spread.

J.P. Morgan Securities LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., BofA Securities, Inc., MUFG Securities Americas Inc., PNC Capital Markets LLC, Truist Securities, Inc., Wells Fargo Securities, LLC and Deutsche Bank Securities Inc. are the joint bookrunning managers for the offering.

Proceeds will be used to repay a portion of the issuer’s $2 billion outstanding 2.75% senior notes due July 1, 2024 and for general corporate purposes, which includes share repurchases and partial repayment of outstanding commercial paper. As of Dec. 31, 2023, the company had $400 million of dollar-denominated commercial paper outstanding with a weighted average interest rate of 5.454% and $1.3 billion equivalent of outstanding euro-denominated commercial paper with a weighted average interest rate of 4.029%.

The payments and financial services technology solutions company is based in Milwaukee.

Issuer:	Fiserv, Inc.
Amount:	$2 billion
Issue:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., BofA Securities, Inc., MUFG Securities Americas Inc., PNC Capital Markets LLC, Truist Securities, Inc., Wells Fargo Securities, LLC and Deutsche Bank Securities Inc.
Co-managers:	BMO Capital Markets Corp., Capital One Securities, Inc., Mizuho Securities USA LLC, NatWest Markets Securities Inc., Santander Investment Securities Inc., Scotia Capital (USA) Inc., Fifth Third Securities, Inc., Huntington Securities, Inc., KeyBanc Capital Markets Inc., Siebert Williams Shank & Co. LLC, Comerica Securities, Inc. and WauBank Securities LLC
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	Sullivan & Cromwell LLP and in-house counsel
Counsel to underwriters:	Davis Polk & Wardwell LLP
Trade date:	Feb. 26
Settlement date:	March 4
Ratings:	Moody’s: Baa2
	S&P: BBB
Distribution:	SEC registered
Three-year notes
Amount:	$750 million
Maturity:	March 15, 2027
Coupon:	5.15%
Price:	99.901
Yield:	5.185%
Spread:	Treasuries plus 68 bps
Call features:	Make-whole call before Feb. 15, 2027 at Treasuries plus 12.5 bps; thereafter at par
Cusip:	337738BJ6
Seven-year notes
Amount:	$500 million
Maturity:	March 15, 2031
Coupon:	5.35%
Price:	99.83
Yield:	5.379%
Spread:	Treasuries plus 105 bps
Call features:	Make-whole call before Jan. 15, 2031 at Treasuries plus 20 bps; thereafter at par
Cusip:	337738BK3
10-year notes
Amount:	$750 million
Maturity:	March 15, 2034
Coupon:	5.45%
Price:	99.99
Yield:	5.451%
Spread:	Treasuries plus 115 bps
Call features:	Make-whole call before Dec. 15, 2033 at Treasuries plus 20 bps; thereafter at par
Cusip:	337738BL1

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