Vantiv Inc. units Vantiv LLC and Vantiv Issuer Corp. have priced their offering of $500 million of 4.375% senior unsecured notes due 2025 and £470 million of 3.875% senior unsecured notes due 2025.
Vantiv plans to use the net proceeds to refinance existing debt of Worldpay Group plc in connection with its acquisition of that company and to pay fees and expenses related to the deal and its financing.
If completed, the gross proceeds from the offering will be deposited into an escrow account in the name of Vantiv LLC subject to the deal's completion and the satisfaction of other conditions. Such proceeds are expected to lower commitments for Vantiv's senior unsecured bridge facility. If the deal does not close by a specific date or certain other events occur, the notes will be subject to a special mandatory redemption.
