Fiserv has launched tender offers to repurchase all of its $750 million 5.150% senior notes due 2027 and $2.0 billion 4.400% senior notes due 2049, a refinancing move that comes amid the abrupt departure of CEO Mike Lyons. The company plans to fund the buyback through a planned euro-denominated senior note issuance, effectively refinancing U.S. dollar debt to take advantage of currency and interest rate arbitrage. The tender offers expire on June 23, 2026, with settlement expected on June 26, subject to customary conditions. The refinancing follows pressure from activist investor Jana Partners, which recently raised its stake, and the appointment of Takis Georgakopoulos as the new CEO. Fiserv reaffirmed its 2026 guidance of 1% to 3% organic revenue growth and adjusted earnings per share of $8.00 to $8.30.
Fiserv, Inc.Refinancing to lower debt costs and improve capital structure, with activist pressure and new CEO.