Payment processor First Data to raise up to $3.2 billion in IPO: Reuters

(Reuters) — Credit card processor First Data Corp said it plans to raise up to $3.2 billion from its initial public offering and will use the proceeds to cut down debt. The company was taken private in 2007 by KKR & Co LP for about $29 billion in one of the biggest leveraged buyouts before the financial crisis. Atlanta-based First Data expects its IPO to price between $18 and $20 per class A share, valuing the company at about $17.58 billion at the upper end of the range. The company plans to use proceeds from the IPO to reduce its $21.03 billion debt pile. Citigroup, Morgan Stanley, BofA Merrill Lynch and KKR are the offering’s joint bookrunning managers.

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Payment processor First Data to raise up to $3.2 billion in IPO: Reuters