FT Partners Announces Significant Recapitalization Advisory Transaction
Overview of Transaction
- On June 30, 2004, VeriFone, Inc. ("VeriFone") successfully executed an important $292,000,000 recapitalization
- The transaction consists of a $190,000,000 senior secured term loan, a $72,000,000 second lien loan facility and a $30,000,000 senior secured revolving credit facility
- Proceeds of the transaction will be used to refinance existing debt, redeem preferred stock, provide working capital needs and distribute a substantial cash dividend to common shareholders
- VeriFone is one of the world's largest electronic payments solutions providers and one of the single largest private or public financial / payments technology companies in the world
- Highly successful debt transaction, extremely well-received by the market
- VeriFone was able to "flex" the transaction to obtain more favorable deal terms, as a result of it's superior story and market demand
- FT Partners acted as overall advisor to VeriFone and served as Structuring Agent on the refinancing
- Managed virtually the entire process and other outside advisors as "inside advisor" to VeriFone's CEO
- Created detailed financial projection model
- Drafted Offering Memorandum
- Created management presentation meetings with potential lead arrangers
- Prepared and coordinated due dilligence session with management for arrangers
- Created core of rating agency presentation