iPayment, a provider of payment and processing solutions for small- and medium-sized businesses, and its parent, iPayment Holdings, signed an agreement for a comprehensive refinancing with the holders of approximately 79% of the company’s outstanding 9.50% senior secured notes due 2019, which also hold approximately 41% of the common stock of holdings.

“This agreement is an important milestone for iPayment and reflects the strong confidence and support for our business that iPayment’s significant stakeholders continue to demonstrate,” said OB Rawls IV, CEO of iPayment. “When this refinancing is completed later this quarter, we will be well positioned to aggressively expand our channel sales initiatives, both in the traditional agent/ISO space and in new, integrated verticals, and make significant investments in new technologies and infrastructure to support existing and new partners.”

The refinancing is subject to a number of conditions, including obtaining a new credit facility to be arranged by JPMorgan, many of which are outside of the control of iPayment, and there can be no assurance as to whether, when or on what terms the refinancing will be consummated.

The company would also repay the obligations outstanding under its existing credit agreement and certain other indebtedness of the company and holdings, amend the existing indenture governing the 9.50% notes and make certain amendments to holdings’ certificate of incorporation, bylaws and existing investor rights agreement. The debt and equity holders entering into the agreement with the company have agreed to vote all shares of holdings’ common stock held by them in favor of such amendments.