VeriFone Systems Inc. 'BB' Rating Affirmed; Outlook Stable; Refinancing Facility Rated 'BB' (Recovery Rating: 3)

Global payment solutions provider VeriFone Systems Inc. is refinancing its credit facility and increasing its revolver capacity. The transaction will result in pro forma adjusted debt to EBITDA of around 3x. We are affirming our 'BB' corporate credit rating on the company. We are also assigning our 'BB' issue-level rating and a '3' recovery rating to the company's new first-lien credit facility. The stable outlook reflects our expectation that recent divestitures and new product launches will result in Verifone returning to EBITDA growth in 2018, and that the company will use at least half of its of free cash flow to pay down debt, such that adjusted debt to EBITDA stays below 3x. NEW YORK (S&P Global Ratings) Jan. 11,

...+ Global payment solutions provider VeriFone Systems Inc. is refinancing its credit facility and increasing its revolver capacity. The transaction will result in pro forma adjusted debt to EBITDA of around 3x. + We are affirming our '##' corporate credit rating on the company. + We are also assigning our '##' issue-level rating and a '3' recovery rating to the company's new first-lien credit facility. + The stable outlook reflects our expectation that recent divestitures and new product launches will result in Verifone returning to EBITDA growth in 2018, and that the company will use at least half of its of free cash flow to pay down debt, such that adjusted debt to EBITDA stays below 3x. NEW YORK (S&P Global Ratings) Jan. 11, 2018--S&P Global Ratings today affirmed its '##' corporate credit rating on San Jose, Calif.-based VeriFone Systems Inc. (Verifone). The outlook is stable. At the same time, we assigned our '##' issue-level rating and '3' recovery rating to the company's first-lien...

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