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), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HBC), Lehman Brothers , Goldman Sachs Group (GS), Citigroup (C) and Merrill Lynch (BAC) 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.
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