First Data was bought in 2007 for $29 billion by KKR for $34 a share in cash, roughly 25% above its market price before the deal announcement. The Colorado-based company is one of the world's largest payment processors for businesses and financial transactions. To finance the buyout, banks like Citigroup (C - Get Report), Credit Suisse (CS - Get Report), Deutsche Bank (DB - Get Report), HSBC (HBC), Lehman Brothers , Goldman Sachs Group (GS - Get Report), Citigroup (C - Get Report) and Merrill Lynch (BAC - Get Report) offered KKR $14 billion in loans.
In August 2011, the company reported that revenue for the first 6 months of the year increased 5.5% to $ 5.3 billion and operating profits increased 47% to $318 million year over year. However, the company has posted a net loss of over $300 million this year. Its outstanding bonds carry sub-investment grade ratinge, according to Bloomberg data. The company has not yet registered an initial public offering filing with the Securities and Exchanges Commission.