Syndication of the $8.4 billion cross-border bond and loan debt package backing GTCR’s carve-out of Worldpay is expected to get underway as soon as this week or next, according to sources.
 
The deal was outlined in July as an $8.4 billion drawn financing and a $1 billion revolver. JP Morgan, Goldman Sachs, Citi, Wells Fargo, Deutsche Bank and UBS were initial underwriters and have since been joined by Fifth Third, Bank of Montreal, MUFG, Citizens, Stifel Nicolaus, Truist, Lloyds and Capital One.
 
The financing is already in pre-marketing, sources add, and will see an execution weighted towards the dollar market with the euros tipped to emerge around the $2 billion equivalent area in the first instance. JP Morgan is understood to be lead-left on the dollars and Goldman Sachs is lead-left on the euros.
 
GTCR is buying a 55% stake in Worldpay from FIS in a deal that values the payments group at $18.5 billion or 10x expected fiscal 2023 EBITDA. US-based Worldpay is well-known to the leveraged market, having been acquired by Advent and Bain from RBS in 2010 in a roughly £2 billion deal. It was then listed in 2015 before merging with Vantiv two years later. FIS bought Worldpay in 2019, in a $30 billion-plus deal that the latest buyout now unwinds. 

This article originally appeared on PitchBook News