iPayment plans to redeem 9¾% notes due 2014 at 102.438 on June 6

By Toni Weeks

San Diego, May 12 - iPayment, Inc. has issued a call to fully redeem its 9¾% senior subordinated notes due 2014, according to an 8-K filed with the Securities and Exchange Commission.

The company deposited about $209.8 million of the net proceeds from the issuance and sale of 10¼% senior notes due 2018 and borrowings under its recently acquired senior secured credit facilities to satisfy and discharge the 9¾% notes. The funds will be held in trust until June 6, at which time the 9¾% notes will be redeemed at a redemption price of 102.438 plus accrued interest.

Wells Fargo Bank, NA is the trustee for the notes.

iPayment is a Nashville-based provider of credit and debit card-based payment processing services.

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