First Data (FDC) Affirms Pricing 160M Common Stock IPO at $16/Share

As noted late Wednesday, First Data (NYSE: FDC) announced the pricing of its initial public offering of 160,000,000 shares of its Class A common stock at $16.00 per share. Shares of First Data’s Class A common stock are expected to begin trading on the New York Stock Exchange on October 15, 2015 under the symbol “FDC,” and the offering is expected to close on October 20, 2015, subject to customary closing conditions. First Data has granted the underwriters a 30-day option to purchase up to an additional 24,000,000 shares of its Class A common stock at the initial public offering price.

*** Note: The company was previously projecting a pricing range of $18 to $20 per share.

First Data will receive net proceeds of approximately $2.5 billion after deducting underwriting discounts and commissions and intends to use the net proceeds from the offering to redeem all $510 million aggregate principal amount of its 11.25% senior unsecured notes due 2021, approximately $1.6 billion aggregate principal amount of its 12.625% senior unsecured notes due 2021, and to pay applicable premiums and related fees and expenses, and for general corporate purposes.

Citigroup, Morgan Stanley, BofA Merrill Lynch and KKR are acting as joint bookrunning managers of the offering and the representatives of the underwriters. Barclays, Credit Suisse, Deutsche Bank Securities, Goldman, Sachs & Co., HSBC, Mizuho Securities, PNC Capital Markets LLC, SunTrust Robinson Humphrey and Wells Fargo Securities are acting as bookrunners of the offering, and Allen & Company LLC, BBVA and Cowen and Company are acting as co-managers of the offering.

A registration statement, including a prospectus, relating to the offering of shares of the Class A common stock of First Data has been declared effective by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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