(Bloomberg) -- Banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co. will host an investor call today for a $2.9 billion-equivalent bond sale to fund GTCR’s purchase of a majority stake in payment processor Worldpay Inc.
The call will take place at 3 p.m. UK time, with pricing of the senior secured notes targeted for Wednesday, Sept. 20, according to a person with knowledge of the sale, who asked not to be identified as the information is private. The sale is split across two tranches of $2 billion and £700 million ($866 million) and follows the launch of $5.5 billion-equivalent leveraged loan package denominated in dollars and euros last week.
Read more: JPMorgan, Goldman Line Up $9 Billion of Debt for Worldpay Buyout
Private equity firm GTCR on Thursday agreed to purchase a 55% stake in payment processor Worldpay, the Fidelity National Information Services Inc. unit that handles card payments for global businesses, valuing the company at $18.5 billion. FIS will retain a 45% stake.
It’s the largest buyout financing since Wall Street agreed to lend $13 billion to help fund Elon Musk’s takeover of Twitter last year. It’s also the clearest sign yet of a nascent return to risk taking by banks which have cleared, albeit at huge losses, much of the underwriting commitments stuck on their balance sheets since last year.
©2023 Bloomberg L.P.
