Global Payments Inc.'s New Senior Secured Credit Facility Is Rated 'BBB-' (Recovery Rating: 2)

NEW YORK (S&P Global Ratings) April 10, 2017--S&P Global Ratings today assigned its 'BBB-' issue-level rating and '2' recovery rating to Atlanta -based payments technology provider Global Payments Inc.'s (Global Payments) proposed $5 billion senior secured credit facility, comprising a $1.25 billion revolver due 2022, term loan A due 2022, term loan A-2 due 2022, and term loan B due 2023 (allocation between tranches not yet finalized). The '2' recovery rating indicates our expectation for substantial (70% to 90%; rounded estimate: 70%) recovery in a default scenario. The company will use proceeds of the issuance to retire the existing credit facility. Our 'BB+' corporate credit rating and stable outlook on Global Payments remain unchanged. RELATED CRITERIA Criteria - Corporates -

...NEW YORK (S&P Global Ratings) April 10, 2017--S&P Global Ratings today assigned its '###-' issue-level rating and '2' recovery rating to Atlanta -based payments technology provider Global Payments Inc.'s (Global Payments) proposed $5 billion senior secured credit facility, comprising a $1.25 billion revolver due 2022, term loan A due 2022, term loan A-2 due 2022, and term loan B due 2023 (allocation between tranches not yet finalized). The '2' recovery rating indicates our expectation for substantial (70% to 90%; rounded estimate: 70%) recovery in a default scenario. The company will use proceeds of the issuance to retire the existing credit facility. Our '##+' corporate credit rating and stable outlook on Global Payments remain unchanged. RELATED CRITERIA + Criteria - Corporates - General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers, Dec. 7, 2016 + Criteria - Corporates - General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec....

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