Fidelity National Information Services Inc. plans to redeem all the outstanding $700 million of 5.000% senior notes due 2022 on March 15.

The notes will be redeemed at a price equal to 102.5% of the principal amount thereof, plus accrued and unpaid interest to but excluding March 15. The redemption will allow the company to accelerate deleveraging efforts and reduce interest costs, the company said in a statement.

The announcement comes after the sale of the company's public sector and education business to Vista Equity Partners. Fidelity National said it is using the proceeds from the sale to reduce its overall outstanding debt.