Heartland Payment plans $375 million term loan for TouchNet purchase

By Sara Rosenberg

New York, Aug. 1 – Heartland Payment Systems has received a commitment for a $375 million five-year term loan to fund its $375 million acquisition of TouchNet Information Systems Inc., according to an 8-K filed late Thursday with the Securities and Exchange Commission.

With the new term loan, the company is planning to extend its existing $350 million revolving credit facility to a five-year maturity.

Closing is expected in the third quarter, subject to regulatory approvals and customary conditions.

Heartland is a Princeton, N.J.-based payment processor and a provider of merchant business solutions. TouchNet is a Lenexa, Kan.-based commerce solutions provider to higher-education institutions.

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