First Data Holdings has announced an agreement to repay a portion of the approximately $2 billion in 11.5 percent senior payable-in-kind notes due 2016. The remaining notes will be exchanged for 14.5 percent senior PIK notes due 2019, the company announced in a statement.
The payment processing company, which was taken private by Kohlberg Kravis Roberts in 2007, will issue approximately $300 million of new convertible preferred equity with a maturity date of December 2021, according to a statement.
