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Shift4 Payments Announces Results of Consent Solicitation Relating to its 4.625% Senior Notes Due 2026
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Shift4 Payments has successfully obtained the necessary consents to amend the indenture governing its $450.0 million 4.625% Senior Notes due 2026. The amendment allows for the repurchase of capital stock as part of the Market Capitalization exception. A cash payment of $10.00 per $1,000 in aggregate principal will be made to valid noteholders. This amendment becomes effective upon the payment of the consent payment, which is expected on March 18, 2022.
Positive
Received consents for the amendment of the indenture allowing capital stock repurchases.
Effective cash payment of $10.00 per $1,000 in principal to noteholders.
Negative
None.
ALLENTOWN, Pa.--(BUSINESS WIRE)--
Shift4 Payments, Inc. and its subsidiaries today announced that it has received the requisite consents to approve amendments to the indenture (the “Indenture”) governing the $450.0 million aggregate principal amount of 4.625% Senior Notes due 2026 (the “Notes”) to allow for the repurchase of capital stock as part of the Market Capitalization exception currently included (the “Amendment”), all as set forth in (and subject to other terms and conditions described in) the consent solicitation statement, dated as of March 11, 2022 (the “Consent Solicitation Statement”).
The Company will make a cash payment (the “Consent Payment”) of $10.00 per $1,000 in aggregate principal amount of Notes to each holder who held such Notes as of 5:00 p.m., New York City time, on March 10, 2022 and validly delivered (and did not validly revoke) a duly executed consent at or prior to 5:00 p.m., New York City time, on March 17, 2022 in accordance with the terms and conditions set forth in the Consent Solicitation Statement. The Company expects the Consent Payment to be paid on March 18, 2022.
In connection with receiving the requisite consents, on March 16, 2022, the Company, the Guarantors and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”) executed and delivered a Fourth Supplemental Indenture with respect to the Indenture (the “Supplemental Indenture” and such time, the “Effective Time”). Pursuant to the terms of the Supplemental Indenture, the Amendment became effective at the Effective Time, and binds every holder of Notes. Although the Supplemental Indenture became effective upon the execution by the Company, the guarantors thereto, and the Trustee, the Amendment will not become operative and will have no effect until and unless the payment of the Consent Payment is made in accordance with the terms and conditions set forth in the Consent Solicitation Statement.
This announcement is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any security.
About Shift4
Shift4 (NYSE: FOUR) is boldly redefining commerce by simplifying complex payments ecosystems across the world. As the leader in commerce-enabling technology, Shift4 powers billions of transactions annually for hundreds of thousands of businesses in virtually every industry. For more information, visit www.shift4.com.
What does the recent Shift4 Payments press release entail about the Senior Notes?
The press release states that Shift4 Payments has received consents to amend the indenture for its $450.0 million Senior Notes due 2026, allowing for capital stock repurchases.
What is the consent payment amount for Shift4 Payments' Senior Notes?
Shift4 Payments will make a consent payment of $10.00 per $1,000 in aggregate principal amount of the Senior Notes.
When is the effective date for the amendments to Shift4 Payments' Senior Notes?
The amendments become effective upon the payment of the consent payment, expected on March 18, 2022.
What is the total amount of Shift4 Payments' Senior Notes?
The total amount of Shift4 Payments' Senior Notes is $450.0 million.
