8-KMaterial AgreementsFinancial EventsOther Events+1

FISERV INC 8-K Report, Material Agreement (May 24, 2023)

Filed May 24, 2023For Securities:FISV

Summary

Fiserv, Inc. (FISV) announced the successful closing of a public offering and issuance of €800,000,000 aggregate principal amount of its 4.500% Senior Notes due 2031. This offering, completed on May 24, 2023, provides Fiserv with significant capital, reinforcing its financial flexibility. The notes bear a fixed annual interest rate of 4.500%, payable annually, and will mature on May 24, 2031. This issuance is a material definitive agreement and creates a direct financial obligation for Fiserv. Investors should note the key terms, including optional redemption provisions and a repurchase requirement upon a change of control triggering event. The company has also incorporated customary events of default as per the Indenture and Supplemental Indenture.

Key Highlights

  • 1Fiserv Inc. issued €800 million in 4.500% Senior Notes due May 24, 2031.
  • 2The offering closed on May 24, 2023.
  • 3The notes carry a fixed annual interest rate of 4.500%, payable annually.
  • 4The company has the option to redeem the notes prior to maturity, with specific pricing conditions.
  • 5A mandatory repurchase offer at 101% of principal is triggered by a change of control event.
  • 6The issuance constitutes a material definitive agreement and creates a direct financial obligation for Fiserv.
  • 7Standard events of default are included in the governing indenture.

Frequently Asked Questions

This 8-K filing reports on Fiserv Inc.'s entry into a material definitive agreement, specifically the closing of its public offering and issuance of €800 million in Senior Notes due 2031. It also details the creation of a direct financial obligation resulting from this debt issuance.

The new notes have an aggregate principal amount of €800 million, a fixed annual interest rate of 4.500% payable annually on May 24, and mature on May 24, 2031. The first interest payment is due on May 24, 2024.

Fiserv can redeem the notes at its option, in whole or in part. Prior to February 24, 2031 (three months before maturity), redemption is at a price based on the greater of present value of remaining payments plus 35 basis points over government bond rates, or 100% of the principal. On or after February 24, 2031, redemption is at 100% of the principal amount.

In the event of a change of control triggering event, Fiserv is required to offer to repurchase the notes from holders for cash at a price of 101% of the aggregate principal amount, plus any accrued and unpaid interest.