New Issue: Global Payments prices $2.5 billion of notes due 2027, 2029, 2032, 2052

By Wendy Van Sickle

Columbus, Ohio, Aug. 8 – Global Payments Inc. priced $2.5 billion of senior notes (Baa3/BBB-/BBB) in four parts on Monday, according to an FWP filing with the Securities and Exchange Commission.

The company priced $500 million of 4.95% five-year notes at 99.923 to yield 4.968%, or a spread of 205 basis points over Treasuries.

The issuer also priced $500 million of 5.3% seven-year notes at 99.949 to yield 5.309%, or Treasuries plus 245 bps.

The company priced $750 million of 5.4% 10-year notes at 99.833 to yield 5.422%, or a spread of 265 bps over Treasuries.

Finally, the issuer sold $750 million of 5.95% 30-year notes at 99.558 to yield 5.982%, or a spread of 295 bps over Treasuries.

There will be optional make-whole calls and then available par calls for each series.

BofA Securities, Inc, J.P. Morgan Securities LLC, Capital One Securities, Inc., MUFG, PNC Capital Markets LLC, TD Securities (USA) LLC, Truist Securities, Inc., Wells Fargo Securities, LLC, Barclays and HSBC Securities (USA) Inc. are the joint bookrunners.

Proceeds will be used to refinance certain outstanding debt (including to refinance borrowings under a proposed new revolver), to make cash payments relating to the acquisition of EVO and to refinance certain outstanding debt of EVO in connection with the acquisition. Proceeds will also be used to pay transaction fees and expenses related to the acquisition and for general corporate purposes.

Global Payments entered into a commitment letter with Bank of America, NA, BofA Securities, Inc. and JPMorgan Chase Bank, NA for a 364-day senior unsecured bridge loan facility in an aggregate principal amount of up to $4.325 billion.

Global Payments is an Atlanta-based provider of payment technology services.

Issuer:	Global Payments Inc.
Amount:	$2.5 billion
Issue:	Senior notes
Bookrunners:	BofA Securities, Inc, J.P. Morgan Securities LLC, Capital One Securities, Inc., PNC Capital Markets LLC, TD Securities (USA) LLC, Truist Securities, Inc., Wells Fargo Securities, LLC, Barclays and HSBC Securities (USA) Inc.
Co-managers:	BMO Capital Markets Corp., Fifth Third Securities, Inc., Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., CIBC World Markets Corp. and Synovus Securities, Inc.
Trustee:	U.S. Bank Trust Co., NA
Counsel to issuer:	In-house counsel and Wachtell, Lipton, Rosen & Katz
Counsel to underwriters:	Gibson, Dunn & Crutcher LLP
Pricing date:	Aug. 8
Settlement date:	Aug. 22
Ratings:	Moody’s: Baa3
	S&P: BBB-
	Fitch: BBB
Distribution:	SEC registered
2027 notes
Amount:	$500 million
Maturity:	Aug. 15, 2027
Coupon:	4.95%
Price:	99.923
Yield:	4.968%
Spread:	Treasuries plus 205 bps
Call:	Make-whole call at Treasuries plus 35 bps prior to July 15, 2027, then par call
Cusip:	37940XAP7
2029 notes
Amount:	$500 million
Maturity:	Aug. 15, 2029
Coupon:	5.3%
Price:	99.949
Yield:	5.309%
Spread:	Treasuries plus 245 bps
Call:	Make-whole call at Treasuries plus 40 bps prior to June 15, 2029, then par call
Cusip:	37940XAN2
2032 notes
Amount:	$750 million
Maturity:	Aug. 15, 2032
Coupon:	5.4%
Price:	99.833
Yield:	5.422%
Spread:	Treasuries plus 265 bps
Call:	Make-whole call at Treasuries plus 40 bps prior to May 15, 2032, then par call
Cusip:	37940XAQ5
2052 notes
Amount:	$750 million
Maturity:	Aug. 15, 2052
Coupon:	5.95%
Price:	99.558
Yield:	5.982%
Spread:	Treasuries plus 295 bps
Call:	Make-whole call at Treasuries plus 40 bps until Feb. 15, 2052, then par call
Cusip:	37940XAR3

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