Shift4 Payments talks $450 million six-year notes at 4¾% area yield; pricing Thursday

By Paul A. Harris

Portland, Ore., Oct. 15 – Shift4 Payments, LLC and Shift4 Payments Finance Sub, Inc. talked their $450 million offering of six-year notes (B2/B) to yield in the 4¾% area, according to market sources.

Official talk comes tighter than initial guidance in the low 5% area.

Books close at 3 p.m. ET on Thursday, and the deal is set to price thereafter.

Credit Suisse Securities (USA) LLC is the left lead bookrunner. Goldman Sachs & Co. LLC is the joint bookrunner.

The Rule 144A and Regulation S notes become callable after two years at par plus 50% of the coupon. They also feature a two-year 40% equity clawback and a 101% poison put.

The Allentown, Pa., independent provider of integrated payment processing and technology solutions plans to use the proceeds, together with cash on hand, to pay off its first-lien term loan, with the remainder, if any, to be used for general corporate purposes.

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