Simpson Thacher is representing J.P. Morgan Securities LLC, as bookrunner and a lead arranger and The Bank of Tokyo-Mitsubishi UFJ, Ltd. as a lead arranger in connection with $1.2 billion in bridge financing to Total System Services, Inc. in connection with its acquisition of NetSpend Holdings, Inc. in an all cash transaction valued at approximately $1.4 billion. The proceeds of the bridge facility may be used, in part, to finance the acquisition, to repay certain indebtedness of NetSpend and to pay fees and expenses related thereto.
Total System Services provides electronic payment services to financial institutions and companies around the globe. NetSpend is a leading provider of general-purpose reloadable prepaid debit cards and related financial services to the estimated 68 million underbanked consumers in the United States who do not have a traditional bank account or who rely on alternative financial services.
The Simpson Thacher team included Patrick Ryan, Dan Kay and Amy Ward (Credit); Andy Keller and Lindsay Thomas (Capital Markets); Ed Chung (M&A); Noreen Lavan (Environmental); Mindy Lok (IP); Mardi Merjian (Real Estate); Jennifer Pepin and Sophia Karas (ECEB); and Drew Purcell (Tax).
