DENVER – First Data Corp. on Friday said one of its lenders, an affiliate of Lehman Brothers, has turned down a request for funding under a revolving credit agreement.
“We have no assurances that they will participate in any future funding requests or that we could obtain replacement loan commitments from other banks,” First Data said in a filing with the Securities and Exchange Commission on Friday. “In the event we decide to draw upon the revolving credit facility and the affiliate of Lehman doesn’t fund its obligation in accordance with the credit agreement, we believe we have sufficient other funding sources to meet our short-term and long-term liquidity needs.”
The Lehman affiliate had committed $230.6 million of First Data’s $2 billion revolving credit facility.
First Data is the nation’s largest private sector transactions processor and was acquired and taken private last year by private equity giant Kohlberg Kravis Roberts & Associates in one of the largest deals ever.
