Global Payments Enhances Strategic Position with New Credit Facility Agreement

Thursday 27 November 2003 13:13 CET | News

Global Payments has completed a three-year, $350 million revolving credit facility agreement with a syndicate of U.S. banks. The facility expires in November 2006 and has a variable interest rate based on a market short term floating rate plus a margin that varies according to Globals leverage position.In addition, the agreement allows Global to expand the facility size to $500 million by requesting additional commitments from existing or new lenders. Upon completion, this agreement will replace Globals existing U.S. lines of credit, which previously totaled $150 million. Global plans to use the credit facility to fund future strategic acquisitions in the payment processing industry, to refinance the $125 million in notes issued in connection with the companys recent DolEx acquisition, and to provide a source of working capital for general corporate purposes.

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Categories: Payments & Commerce | Payments General
Countries: World
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