Global Payments Inc. has lined up a $300 million loan to pay down some of the debt it incurred in buying out HSBC Holdings PLC's share of a merchant processing joint venture.
Global Payments, of Atlanta, announced the loan Monday. It originally wanted to arrange $150 million in financing, but said that strong demand from a syndicate of lenders enabled it to borrow twice that amount.
The processor said it would use the funds to pay down an existing $350 million line of credit it tapped in June when it paid $307.7 million for HSBC's 49% stake in HSBC Merchant Services. Global Payments bought 51% of the London banking company's merchant processing unit in June of last year.