First Data expects to raise $3.7 billion in its initial public offering. The deal involves 160 million shares of its Class A common stock. The initial public offering price is expected to be between $18.00 and $20.00 per share.
ACI Worldwide will acquire Online Resources in an all cash transaction for $3.85 per share, per a recently inked definitive transaction agreement. With directors of both companies having approved the transaction, the integration of ACI Worldwide and Online Resources will make available to financial institutions the preeminent online and mobile banking, bill payment and presentment solutions. ACI Worldwide is recognized as the leader in the U.S. Large Bank Market for 2012 and a Company to Watch in 2013 by Aite Group. The addition of Online Resources’ payment and presentment capabilities will benefit customers by giving them the choice and flexibility to address a broader set of needs from a single integrated source and broaden ACI Worldwide’s customer base with the addition of 1,000 banks, credit unions, billers, credit card issuers, and other credit and payment service providers.
TNS completed a refinancing of its existing senior secured credit facilities. The new senior secured credit facilities are comprised of a fully funded $350 million five-year term loan and a $100 million, five-year revolving credit facility, under which $25 million was drawn at closing. The interest rate at closing on the new facilities is LIBOR plus 300 bps, compared to LIBOR plus 400 bps (with a 200 bps LIBOR floor) on the existing facilities. The company has used the proceeds from the new senior secured credit facilities to repay all amounts outstanding under the existing facilities, under which there was $373 million outstanding, as well as to pay fees and expenses associated with the new senior secured credit facilities of approximately $7 million.
The Smart Card Alliance announced its 2011-2012 board and seven-member executive committee following elections at the 10th Annual Smart Card Alliance Government Conference in Washington, DC. With this, the Smart Card Alliance elected executive committee includes in Chair: Willy Dommen, Accenture; Vice Chair: Garfield Smith, Oberthur Technologies; Treasurer: Paul Legacki, Infineon Technologies; Assistant Treasurer: Brian Russell, Giesecke & Devrient; Secretary: Greg Garback, Washington Metropolitan Area Transit Authority; Assistant Secretary: Wendy Humphrey, Bank of America; and Technology Vice Chair: Neville Pattinson, Gemalto.
GTCR has agreed to acquire a majority stake in BServ SaaS provider offering financial services and banking technology that facilitates electronic corporate payments and bank-to-bank payment transactions. The Company offers Fedwire processing, SWIFT messaging, remote deposit capture, mobile and online payment processing technology and services for financial institutions and corporations. BankServ has completed a number of successful acquisitions and has earned a strong reputation in the market by providing leading software and technology solutions combined with high quality customer service.
NCR signed definitive agreements to acquire Radiant Systems POS and managed hosted service solutions to the hospitality and specialty retail markets for an equity purchase price of $1.2 billion. NCR and Radiant Systems currently anticipate the transaction will close during the third quarter of 2011, subject to regulatory approval. The transaction accelerates NCR’s strategy of expanding into core industry adjacencies and will allow it to create a third core industry vertical, after its Financial and Retail lines of business, and establish category leadership in the hospitality and specialty retail markets. The tender offer is expected to commence on or before July 25, 2011. The offer will be open for a period of not less than 20 business days from its commencement and will be conditional upon, among other things, valid acceptances of the offer in respect of shares representing more than 50% of the outstanding Radiant Systems shares on a fully diluted basis as well as satisfactory completion of other customary closing conditions, including regulatory approval. NCR plans to raise approximately $1.1 billion of new funded debt to finance the transaction. The financing will enable NCR to maintain a strong liquidity position post transaction. J.P. Morgan, RBC Capital Markets, BofA Merrill Lynch and Morgan Stanley provided committed financing to NCR for the transaction.
ATM provider Cardtronics has announced the pricing of an upsized secondary public offering of 7
million shares of already outstanding common stock at a price to the
public of $12 per share. The shares of common stock are being sold by
the following selling stockholders: CapStreet II, L.P., CapStreet
Parallel II, L.P., and investment funds affiliated with TA Associates.
The offering was upsized to 7 million shares of common stock from the
base offering of 6 million shares of common stock and is scheduled to
close on April 6, 2010. The selling stockholders have granted the
underwriters a 30-day option to purchase up to an additional 1,050,000
shares of common stock to cover over-allotments, if any. Piper Jaffray& Co. and UBS Securities LLC are the joint book-running
managers for the offering. William Blair& Company and SunTrust Robinson
Humphrey are acting as co-managers. Cardtronics
will not receive any of the proceeds from the secondary offering of
shares of its common stock by the selling stockholders.
TX-based Cardtronics non-bank ATM operator has proposed a secondary offering of 6 million shares of already outstanding common stock byCapStreet II, L.P., CapStreet Parallel II, L.P., and investment funds affiliated with TA Associates. The selling stockholders intend to grant the underwriters an option to purchase up to an additional 900,000 shares of common stock to cover over-allotments, if any. Cardtronics will not receive any of the proceeds from the secondary offering of shares of its common stock by the selling stockholders. The offering is being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC). A prospectus supplement and accompanying prospectus describing the terms of the offering have been filed with the SEC and are available on its website at http://www.sec.gov.
Ares Capital Corporation has closed its newly expanded revolving credit
facility, subsequently increasing its size from $525 million to $690
million. Comprised of $615 million in commitments on a stand-alone
basis, the facility is to consist of an additional $75 million in
commitments contingent upon the closing of its pending acquisition of
Allied Capital Corporation. Pricing on the New Revolving Facility
increased from LIBOR plus 1.00% to LIBOR plus 3.00% and the New
Revolving Facility will continue to be free of a LIBOR floor
requirement. The New Revolving Facility has a three-year term with a
maturity date of January 22, 2013. The New Revolving Facility was lead
arranged by J.P. Morgan Securities Inc., Banc of America Securities LLC
and SunTrust Robinson Humphrey, Inc. Participants in the previous $525
million revolving credit facility substantially increased their
commitments, representing $640 million out of the total $690 million in
The Smart Card Alliance has announced its 2009-2010 board and seven-member executive committee.
The committee includes the Chair, Neville Pattinson of Gemalto; Vice chair Bryan Ichikawa of Unisys; Treasurer Bob Merkert of CardLogix;
Secretary Wendy Humphrey of First Data Corporation; Assistant Treasurer Willy Dommen of Booz Allen Hamilton; Assistant Secretary John McKeon of IBM and
Technology Vice Chair Bob Gilson of the U.S. Department of Defense/Defense Manpower Data Center. Elections were
held during the 8th Annual Smart Cards in Government Conference, taking
place this week through October 30th at the Washington DC Convention Center.
The Smart Card Alliance is a not-for-profit, multi-industry association
working to stimulate the understanding, adoption, use and widespread
application of smart card technology.
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TN-based incentive program provider VIPGift has received a majority investment from Summit Partners, a private
equity and a private equity and venture capital firm and
Bridgescale Partners, a late-stage venture capital and private equity firm.
Clients use VIPGift’s products and services for customer
acquisition and retention programs, employee incentive and reward programs, marketing
initiatives, and consumer rebate programs. VIPGift offers a wide array of
customized rewards including points, certificate, and prepaid card based
programs. A. Hamid Andalib, VIPGift’s Founder and CEO, has sold a majority stake
to Summit Partners and Bridgescale Partners. He will remain involved in the
business, both as an investor and advisor. As part of the transaction, Summit Partners and
Bridgescale Partners have brought in Richard Char as President, and
Patrick Gildea as Senior Vice President of Finance and Corporate Development.