Latham Advises on US$2.175 Billion and £600 Million Senior Secured Notes Offerings to Support GTCR’s Acquisition of a Majority Stake in Worldpay From FIS
On September 20, 2023, GTCR, a leading private equity firm, priced US$2.175 billion 7.500% Senior Secured Notes due 2031 to be issued by GTCR W-2 Merger Sub LLC and £600 million 8.500% Senior Secured Notes due 2031, to be issued by GTCR W-2 Merger Sub LLC and GTCR W Dutch Finance Sub B.V. Each series of notes will be issued at par. The offerings will support GTCR’s previously announced definitive agreement to acquire a majority stake in Worldpay, a leading global provider of payment processing solutions, from FIS® (NYSE: FIS), a global leader in financial services technology. The transaction valuing Worldpay at US$18.5 billion is the largest US leveraged buyout in 2023 to date, according to Refinitiv.
Latham & Watkins LLP represented the initial purchasers in the offering with a capital markets team led by partners Stelios Saffos and Andrew Baker, with associates Hana Nah, Shawn Quinn, Ian Lachow, and Erin Gilgen, and a banking team led by partners Corey Wright and Lisa Collier, with associates Kate Bell and Sean Travers. Advice was provided on London corporate matters by partner Shawn Anderson, with associate James Mac Sweeney; on London banking matters by partner Dan Maze, with associates Jason Britto and Felix Buddee; on bank regulatory matters by partner Arthur Long and counsel Pia Naib, with associate Ja Hyeon Park; on payments regulatory matters by partner Parag Patel; on non-US regulatory matters by partner Christian McDermott, with associate Gabriel Lakeman; on tax matters by partner Eric Kamerman; on benefits and compensation matters by associate Anne Bracaglia; on sanctions matters by counsel Catherine Hein, with associate Matthew Gregory; on FCPA matters by partner Daniel Dominguez; on US data privacy matters by partner Robert Blamires, with associate Kathryn Parsons-Reponte; on European data privacy matters by partner Fiona Maclean and counsel Danielle van der Merwe, with associate Calum Docherty; on IP matters by associate Dewey Kang; on real estate matters by counsel Shira Bressler; and on environmental matters by associate Brittany Curcuru.