Advent, Bain in £340m WorldPay dividend recap

Greg Gille
@unquotenews
15 April 2013

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WorldPay, a card payment services provider acquired by Advent International and Bain Capital in 2010, has secured a £700m refinancing including a dividend recap for the private equity owners, according to reports.

The refinancing package was broken down in several denominations, according to news agency Reuters, with £250m raised in sterlings, £137.5m raised in euros and £312.5m raised in dollars. The new loan will mature in 2019, the agency added.

Around £340m of the new facility will reportedly be used to pay a dividend, while the remainder will repay a mezzanine facility put in place at the time of the 2010 buyout of WorldPay.

Advent International and Bain Capital acquired WorldPay from The Royal Bank of Scotland for an enterprise value of £2.025bn in 2010 – what was at the time the largest deal in the UK for almost three years. The deal also included a £200m contingent consideration.

The investments come from Advent's GPE VI fund, and Bain's Fund X and Bain Capital Europe III. A senior debt package, estimated at approximately £900m, was provided by RBS, Barclays, Goldman Sachs, Morgan Stanley and UBS. KKR Asset Management, a unit of KKR, led a group of investors including TCW/Crescent Mezzanine and Sankaty Advisors in providing a £300m mezzanine package.