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Apollo-backed Evertec files for $100m IPO

7 Feb 2013

dollar large_sqApollo Global Management-backed payment processor Evertec has filed for a $100m IPO two years after being bought into by the private equity firm.

The Puerto Rico-based business has hired Goldman Sachs and JP Morgan as underwriters for the public listing according to a filing with the US Securities and Exchange Commission.

Apollo bought a 51 per cent stake in Evertec from Popular Inc in September 2010, with the new joint venture being valued at about $868m.

The company is the largest merchant acquirer in the Caribbean and Central America, processing more than 1.2 billion transaction each year.

It had an adjusted EBITDA of $149.1m for the year ending December 31, 2012.

The filing adds that Evertec paid a special dividend of $270m to stockholders on May 9 financed with cash, proceeds from a $170m incremental term loan and an offering of $40m of 11 per cent senior notes due in 2018.

No details are given in the filing about which stock exchange the business plans to list on, or how many shares it hopes to sell.

The $100m listed in the IPO is an indicative figure to calculate registration fees and could change.

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