Fiserv, Inc. Completes the Sale of $850,000,000 Aggregate Principal Amount of Its 2.700% Senior Notes Due 2020 and $900,000,000 Aggregate Principal Amount of Its 3.850% Senior Notes Due 2025
May 22 15
On May 22, 2015, Fiserv, Inc. completed the sale of $850,000,000 aggregate principal amount of its 2.700% Senior Notes due 2020 and $900,000,000 aggregate principal amount of its 3.850% Senior Notes due 2025. The Notes were issued under an Indenture, dated as of November 20, 2007, among the Company, the guarantors named therein and U.S. Bank National Association, as trustee, as supplemented by a Twelfth Supplemental Indenture, between the Company and the Trustee, establishing the terms and providing for the issuance of the 2020 Notes, and by a Thirteenth Supplemental Indenture, between the Company and the Trustee, establishing the terms and providing for the issuance of the 2025 Notes. The 2020 Notes Supplemental Indenture and form of the 2020 Note, which is included therein, provide, among other things, that the 2020 Notes bear interest at a rate of 2.700% per year (payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2015), and will mature on June 1, 2020. The 2025 Notes Supplemental Indenture and form of the 2025 Note, which is included therein, provide, among other things, that the 2025 Notes bear interest at a rate of 3.850% per year (payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2015), and will mature on June 1, 2025. The interest rate payable on each of the 2020 Notes and the 2025 Notes is subject to adjustment from time to time if a debt rating agency downgrades (or subsequently upgrades) the debt rating assigned to such series of notes. At any time prior to May 1, 2020, with respect to the 2020 Notes, or prior to March 1, 2025, with respect to the 2025 Notes, the Company may redeem the Notes at a make-whole redemption price, plus accrued and unpaid interest on the Notes being redeemed to, but not including, the redemption date. At any time on or after May 1, 2020, with respect to the 2020 Notes, or on or after March 1, 2025, with respect to the 2025 Notes, the Company may redeem the Notes at a redemption price equal to 100% of the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid interest on the Notes being redeemed to, but not including, the redemption date. The Company is required to offer to repurchase the Notes for cash at a price of 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, upon the occurrence of a change of control triggering event. The Indenture, the 2020 Notes Supplemental Indenture and the 2025 Notes Supplemental Indenture contain customary events of default. If an event of default occurs and is continuing with respect to any series of the Notes, then the Trustee or the holders of at least 25% of the principal amount of the outstanding Notes of that series may declare the Notes of that series to be due and payable immediately. In addition, in the case of an event of default arising from certain events of bankruptcy, insolvency or reorganization, all outstanding Notes will become due and payable immediately.
Merck Sharp & Dohme Federal Credit Union Expands its Relationship with Fiserv, Inc
May 20 15
Fiserv, Inc. announced that Merck Sharp & Dohme Federal Credit Union has expanded its relationship with Fiserv through the addition of multiple solutions that will support and strengthen the credit union’s sales culture. The $536 million asset credit union will use the DNA™ account processing platform and 19 additional solutions to drive organic growth through enhanced sales and service capabilities, and to better serve its members. A Fiserv client for more than two decades, Merck Sharp & Dohme FCU (MSDFCU) is a full-service financial institution and one of the credit unions in Pennsylvania. By growing its relationship with Fiserv, the credit union will gain an integrated technology foundation to enhance the member experience, support new products and expand digital channels. DNA brings MSDFCU a unified, person-centric core platform that provides credit union staff with a 360-degree view of member relationships for more service and more relevant product offerings. The open architecture of DNA enables MSDFCU to integrate a range of additional Fiserv solutions, as well as DNAapps™ that the credit union can create for itself or download from the DNAappstore™ to enhance member service and advance its sales culture.
Fiserv, Inc. Enhances Loancomplete Solution to Reduce Mortgage Servicing Transfer and Regulatory Risks While Improving Quality
May 19 15
Fiserv, Inc. announced the availability of its newly enhanced LoanComplete Comparalytics solution, which now fully enables document-to-document data comparisons, regardless of document type. The LoanComplete Comparalytics module works with existing data sources to proactively identify and flag data mismatches between transferee and transferor servicing systems, documents, data sources and the original documents, allowing real-time insight for corrections. With the recent update, the benefits of ensuring consistency of data by comparing loan document content against the loan origination system (LOS), automated underwriting system (AUS), servicing system and other systems of record, is now extended to comparing document content directly to other documents in the loan file. With LoanComplete, primary documents can be designated to serve as the main data source for comparison to other secondary documents in the same loan file. For example, information contained in the application can act as the primary source data and be used to compare the information contained in the AUS to verify for accuracy. The document-to-document comparison feature further ensures the quality and consistency of the data in the loan file by flagging and addressing errors when the servicing file is created, significantly mitigating downstream compliance risks such as meeting CFPB servicing file and borrower communication requirements or investor loan modification and default servicing requirements. LoanComplete from Fiserv is a patent-pending, life-of-loan solution suite that supports compliance and automates time-consuming processes
through enhancements to existing loan origination, loan servicing and regulatory compliance systems. LoanComplete simplifies loan origination and servicing in today’s increasingly complex lending environment and delivers combines standardized workflow processing with enterprise content management and customized data analytics.