Client Relationship
Global Payments

Global
Payments

Global Payments is a leading electronic transaction processing company serving the financial, corporate, government and merchant communities worldwide — and a three-mandate HudsonWest advisory relationship beginning in 2022.

3
Mandates
completed
4yrs
Advisory
relationship
$4.1B+
Total transaction
volume
Transaction History

Three distinct mandates
with three successful outcomes

Aug
2022
1st mandate
Post-Issuance Capped Call
$1.5B Post-Issuance Capped Call

Silver Lake made a strategic $1.5B convertible investment in Global Payments. HudsonWest designed a unique post-issuance capped call structure to hedge dilution, running a broad auction across relationship banks and other counterparties to achieve significantly improved economics.

$1.5B
Case Study
Feb
2024
2nd mandate
144A Convertible Issuance & Capped Call
$2B Inaugural 144A Convertible + Capped Call

Global Payments achieved at the time the lowest coupon for any investment-grade convertible bond since 2021 and executed a $185.1MM concurrent share repurchase. HudsonWest led structuring and achieved an optimal investor mix, resulting in the company's stock down less than 2% on deal day.

$2B
Case Study
Oct
2024
3rd mandate
Accelerated Share Repurchase + OMR
$600MM ASR + Up to $100MM Open Market Repurchase

Despite having previously executed ASRs without an advisor, Global Payments engaged HudsonWest for a third time for its largest-ever ASR, announced concurrently with earnings. HudsonWest navigated complex timing around elections and year-end to secure competitive pricing.

$600MM
Case Study
The Relationship

Three important transactions.
One advisor.

Global Payments first engaged HudsonWest in August 2022 as capped call advisor on a $1.5B private placement convertible notes sold to Silver Lake. When it turned toward the broader capital markets for its first convertible transaction, HudsonWest again advised.

And despite having previously executed an ASR without an advisor, Global Payments engaged HudsonWest for its largest-ever share repurchase in 2024 — a testament to the value HudsonWest delivered on each prior mandate.

Across all three mandates, HudsonWest delivered company-friendly pricing, documentation and outcomes.

Client Since
2022 (4 years)
Total Mandates
3
Transaction Types
Capped Call, CB Issuance, ASR
Sector
Payments
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