iPayment, a provider of payment and processing solutions for small and medium-sized businesses, and its parent, iPayment Holdings, signed an amended agreement for a comprehensive refinancing of iPayment with the holders of approximately 90% of the company’s outstanding 9.50% senior secured notes due 2019, which also hold approximately 57% of the common stock of Holdings.

The refinancing is subject to a number of conditions, including obtaining one or more new credit facilities exclusively arranged by J.P. Morgan.

The refinancing would result in a substantial deleveraging of the company and would enable the company to materially expand its services and product offerings. The refinancing is expected to close in the first quarter of 2017.

“Refinancing is a process and this is a critical step for our company and our shareholders as we continue to forge ahead,” said OB Rawls IV, CEO of iPayment. “We remain on target for a close in the first quarter, which will stimulate our ability to aggressively grow our business through new and existing business channels.”