BofA, BMO, SunTrust Arrange Financing for Heartland Buy
Heartland Payment Systems announced it has completed the acquisition of TouchNet Information Systems, an integrated commerce solutions provider to higher-education institutions.
Under the terms of the agreement, Heartland paid a purchase price of $375 million in cash. The purchase was funded primarily with a new 5-year, $375 million secured term loan, which comprised a portion of a new credit facility that closed simultaneously with the acquisition. The new credit facility also includes a secured $400 million revolving credit line. Lead arrangers for the new credit facility were Bank of America Merrill Lynch, BMO Capital Markets and SunTrust Robinson Humphrey.
About Heartland Payment Systems
Princeton, NJ-based Heartland Payment Systems is the fifth largest payments processor in the U.S. and a provider of merchant business solutions.