Total System to repay bilateral loans, some revolver debt via notes

By Susanna Moon

Chicago, May 9 – Total System Services, Inc. plans to repay its 2018 bilateral credit facility due Jan. 10, 2020 and some of the $1.34 billion debt outstanding under its revolving loan facility due April 23, 2023 using proceeds of new notes.

Total System plans to issue senior notes in two tranches, according to an 8-K filing with the Securities and Exchange Commission.

Proceeds also will be used to repay the company’s 2.375% notes due June 1, 2018.

Interest is Libor plus 150 basis points on the 2018 bilateral facility and Libor plus 130 bps on the revolver.

The revolver debt was used to repay the company’s 2016 credit facility and some outstanding loans under its 2018 bilateral credit facility, which were drawn to finance its Cayan acquisition.

Columbus, Ga.-based Total System Services is a global payments processing and solutions provider.

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