Fiserv arranges $450M credit line |
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Thu, 29 Nov 2007 15:32
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NEW YORK (AP) - Fiserv Inc. arranged to borrow up to $450 million from a group of banks to help pay for the banking software maker's acquisition of CheckFree Corp.In August, Fiserv reached a deal to buy Norcross, Ga.-based CheckFree, which makes electronic bill payment products, for $4.24 billion.In a filing with the Securities and Exchange Commission Wednesday, Fiserv said it established a facility enabling the company to borrow up to $450 million over the next 364 days. The credit line is administered by JPMorgan Chase Bank, with Credit Suisse Securities LLC acting as syndication agent.The interest rate paid on the borrowed money will be LIBOR plus a specified rate, which will depend on certain criteria.The company will use money borrowed under the credit line to help finance the CheckFree acquisition and pay certain costs incurred under the deal. If the CheckFree deal falls through, the credit line can be terminated at the end of the year.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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