Summary
Fiserv, Inc. (FISV) has announced the successful closing of a substantial debt offering, issuing €1 billion in aggregate principal amount of senior notes. This includes €500 million in 3.750% Senior Notes due 2030 and €500 million in 4.250% Senior Notes due 2034. The net proceeds from this offering are expected to be used for general corporate purposes. The issuance was conducted under existing indenture agreements, with specific supplemental indentures established for each note series. The new notes carry interest rates of 3.750% and 4.250% respectively, with maturities in 2030 and 2034. The company retains the option to redeem these notes under certain conditions, including a "par call" option prior to maturity. Notably, in the event of a "change of control triggering event," Fiserv is obligated to offer to repurchase these notes at 101% of their principal amount, plus accrued interest, providing a degree of protection to noteholders.
Key Highlights
- 1Fiserv closed a €1 billion senior notes offering, comprised of €500 million 3.750% Notes due 2030 and €500 million 4.250% Notes due 2034.
- 2The offering increases Fiserv's outstanding debt, which is denominated in Euros.
- 3The 2030 Notes mature on October 15, 2030, and bear an annual interest rate of 3.750%.
- 4The 2034 Notes mature on June 23, 2034, and bear an annual interest rate of 4.250%.
- 5Fiserv has the option to redeem the notes, in whole or in part, prior to their respective par call dates at a price based on present values plus a spread, or at par on or after the par call date.
- 6A change of control triggering event obligates Fiserv to repurchase the notes at 101% of principal, plus accrued interest.