Verifone Loan Interest to Drop With S&P Rating Upgrade
Verifone Holdings, Inc has been informed that S&P's is raising its corporate credit and senior secured bank loan ratings on Verifone to 'BB-' from 'B+'.
February 01, 2006
San Jose, CA
San Jose, CA - February 1, 2006 -Verifone Holdings, Inc. (NYSE: PAY), announced today it has been informed that Standard & Poor's is raising its corporate credit and senior secured bank loan ratings on Verifone to 'BB-' from 'B+'. S&P said the upgrade reflects the company's improved financial profile, as well as strong revenue and earnings growth.
As a result of Standard & Poor's upgrade, under the terms of the Company’s Term B Loan with its senior lenders, the interest rate spread will be reduced by 25 basis points. The Company’s estimated annual interest savings from the reduction in rate is approximately $0.45 million on the $182 million outstanding on the Term B Loan as of January 31, 2006.
About Verifone Holdings, Inc.
Verifone Holdings, Inc. ("Verifone") (NYSE: PAY), a global leader in secure electronic payment technologies, provides expertise, solutions and services for today with a migration strategy for tomorrow. Verifone delivers solutions that add value to the point of sale, resulting in improved merchant retention and the generation of new sources of revenue for its partners and customers. Verifone solutions are specifically designed to meet the needs of vertical markets including financial, retail, petroleum, government and healthcare.