First Data to draw bank loans to fund $750 million CardConnect buyout

By Susanna Moon

Chicago, May 30 – First Data Corp. plans to use drawdowns under its credit facilities to fund the acquisition of CardConnect Corp.

The total deal size is about $750 million, including repayment of CardConnect’s outstanding debt and the redemption of its preferred stock, according to a company notice.

The Atlanta-based provider of payment solutions plans to use the proceeds to refinance its existing March 2021 term loan C.

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