VeriFone Completes Acquisition of Point

VeriFone Systems, Inc. (NYSE: PAY), today announced it has
completed the acquisition of Point, Northern Europes largest
provider of payment and gateway services and solutions for
retailers. Point, based in Stockholm, has operations in 11 European
countries and serves a captive network encompassing almost 475,000
merchant contracts. Through this network, Point offers retailers a
full range of multi-channel services and solutions, including
point-of-sale technology and support, gateway services, card
encryption services, and e-commerce processing. This acquisition
supports our vision of offering retailers everywhere a managed
service to easily accept all existing payment types, including the
evolving alternative and mobile payment methods being offered by
traditional card brands and new entrants such as Google, PayPal,
Groupon and Isis, said VeriFone CEO Douglas G. Bergeron. The new
entrants can take advantage of easy and accelerated access to
VeriFones worldwide installation of more than 20 million merchant
lanes. Point will operate as a VeriFone company. VeriFone intends
to extend the Point platform throughout the region and beyond, with
the aim of creating the worlds largest infrastructure for rapid
deployment of alternative payments and NFC mobile commerce. To
finance the Point acquisition and refinance existing debt, VeriFone
has executed a credit agreement for $1.5 billion led by J.P. Morgan
Securities LLC, Merrill Lynch, Pierce, Fenner Smith Incorporated,
Wells Fargo Securities, LLC, Barclays Capital and RBC Capital
Markets. The facility provides VeriFone with long-term debt capital
at economical interest rates. The debt consists of 5-year Term A
Loans for $918.5 million, a 5-year revolving line of credit for
$350.0 million, and 7-year Term B Loans for $231.5 million. The
companys previously arranged credit facility has been repaid in
full; a portion of the proceeds will also be used to repay
VeriFones outstanding 1.375% Convertible Notes due June 2012. Safe
Harbor Statement under the Private Securities Litigation Reform Act
of 1995 for VeriFone Systems, Inc. This press release includes
certain forward-looking statements related to VeriFone Systems,
Inc. within the meaning of the Private Securities Litigation Reform
Act of 1995. These statements are based on management's current
expectations or beliefs and are subject to uncertainty and changes
in circumstances. Actual results may vary materially from those
expressed or implied by the forward-looking statements herein due
to changes in economic, business, competitive, technological and/or
regulatory factors, and other risks and uncertainties affecting the
operation of the business of VeriFone Systems, Inc. These risks and
uncertainties include whether the successful integration of Point
with VeriFone and the anticipated benefits of the transaction can
be achieved. For a further list and description of risks and
uncertainties, see our periodic filings with the Securities and
Exchange Commission. VeriFone and Point are under no obligation to,
and expressly disclaim any obligation to, update or alter their
forward-looking statements, whether as a result of new information,
future events, changes in assumptions or otherwise. About VeriFone
Systems, Inc. (www.verifone.com) VeriFone Systems, Inc. (VeriFone)
(NYSE: PAY) is the global leader in secure electronic payment
solutions. VeriFone provides expertise, solutions and services that
add value to the point of sale with merchant-operated,
consumer-facing and self-service payment systems for the financial,
retail, hospitality, petroleum, government and healthcare vertical
markets. VeriFone solutions are designed to meet the needs of
merchants, processors and acquirers in developed and emerging
economies worldwide. Additional Resources:
http://ir.verifone.com