8-KMaterial AgreementsFinancial EventsExhibits & Filings

GLOBAL PAYMENTS INC 8-K Report, Material Agreement (Mar 17, 2023)

Filed March 17, 2023For Securities:GPN

Summary

Global Payments Inc. (GPN) announced the successful closing of its public offering of €800,000,000 in aggregate principal amount of 4.875% Senior Notes due 2031. This issuance, completed on March 17, 2023, represents a significant capital raise for the company through the issuance of unsecured and unsubordinated debt. The Notes carry a fixed interest rate of 4.875% per annum, with annual interest payments commencing on March 17, 2024, and maturing on March 17, 2031. The company retains the option to redeem the notes under specific conditions, including a "Par Call Date" provision and a repurchase right for noteholders in the event of a "Change of Control Repurchase Event." This offering and the associated indenture documentation are registered with the SEC, providing transparency on the terms and obligations. For investors, this filing confirms the company's access to debt markets and outlines the specific terms of this new debt issuance. The interest rate and maturity date provide key financial metrics, while the redemption and repurchase provisions offer insight into potential future cash flows and corporate control scenarios. The unsecured nature of the notes means they rank equally with other senior unsecured debt.

Key Highlights

  • 1Completion of a €800 million public offering of 4.875% Senior Notes due 2031.
  • 2The notes are unsecured and unsubordinated, ranking equally with other senior unsecured indebtedness.
  • 3Annual interest payments of 4.875% are due on March 17, with the first payment in March 2024.
  • 4Maturity date for the notes is March 17, 2031.
  • 5Global Payments has the option to redeem the notes at specified prices before or after the "Par Call Date" (January 17, 2031).
  • 6A "Change of Control Repurchase Event" allows noteholders to require the company to repurchase their notes at 101% of the principal amount.
  • 7The issuance is governed by a Base Indenture dated August 14, 2019, and a Supplemental Indenture No. 6 dated March 17, 2023.

Frequently Asked Questions

Global Payments Inc. issued €800,000,000 in aggregate principal amount of its Senior Notes due 2031. These notes bear an interest rate of 4.875% per annum.

The Senior Notes mature on March 17, 2031. Interest is payable annually on March 17, with the first payment expected on March 17, 2024.

Global Payments can redeem the notes at its option, either in whole or in part. Before January 17, 2031 (the "Par Call Date"), redemption is at a price based on government bond rates plus 35 basis points, or 100% of principal, whichever is greater. On or after the Par Call Date, redemption is at 100% of the principal amount. Accrued interest is paid in either case.

If a "Change of Control Repurchase Event" occurs, noteholders have the right to require Global Payments to repurchase their notes. The purchase price will be 101% of the principal amount, plus any accrued and unpaid interest.