FIS™ , a global leader in financial services technology, today announced that it has completed an amendment of its existing Revolving Credit Facility that increases its borrowing capacity under the unsecured revolving facility from $4.0 billion to $5.5 billion with the expiration of the agreement remaining September 21, 2023. Consistent with the increase in its Revolving Credit Facility, FIS has increased the capacity under its existing U.S. Commercial Paper (“USCP”) program to $5.5 billion.
Additionally, FIS has established a new European Commercial Paper (“ECP”) program under which it may issue, on a private placement basis, senior unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $4.7 billion. Under the ECP program, FIS may issue notes from time to time, with maturities that vary, but do not exceed 183 days from the date of issue.
FIS intends on using approximately $2.9 billion in borrowings under the ECP and USCP programs, together with the proceeds from its recently completed $8.2 billion multi-currency bond offering, to finance the cash portion of the consideration for its pending merger with Worldpay, Inc. (“Worldpay”), the repayment of outstanding Worldpay debt and other costs and expenses of the merger.
Based on the recent bond offering and new ECP program, FIS now expects the weighted average interest rate on the permanent financing of the $11.1 billion used for the Worldpay transaction to be approximately 1.5%.
JPMorgan Chase Bank, N.A., acts as Administrative Agent under the Revolving Credit Facility.