Shearman & Sterling represented Paymentsense on its inaugural high yield bond offering of £290 million 8.000% senior secured notes through Hurricane Finance Plc.

The proceeds of the offering will be used to repay existing borrowings, to finance the repurchase of terminal leasing rights between Paymentsense’s customers and a significant merchant acquirer, for general corporate purposes and to pay fees and expenses related to the offering and concurrent entry into a PIK loan.

The offering, which was conducted pursuant to Rule 144A and Regulation S under the U.S. Securities Act, closed on August 14, 2020.

Paymentsense is the United Kingdom’s leading digital commerce platform serving SMEs, enabling approximately 82,000 small and medium sized businesses in the United Kingdom and Ireland to accept £13 billion of card payments per year.