An ad hoc group of lenders to Verifone is working with Gibson Dunn ahead of the 2025 maturity on the fintech group’s term loan, said two sources familiar with the matter.

The electronic payment company recently reported 2023 financials that came in weaker than expected, the sources said. Investors had been expecting to see revenue growth, one of the sources said.

Since late last month, Verifone’s USD 2.16bn L +400bps term loan has moved down substantially with the loan last quoted at 86.45/88 compared to 94.8/95.75 on 28 February, according to Markit.

Carlyle Group, CIFC Asset Management, KKR, PGIM and First Eagle are among the largest lenders to Verifone, according to Creditflux CLO-i data.

A group of investors led by Francisco Partners took Verifone private in 2018 for USD 3.4bn and since then have bolted on several businesses, including online payment processor 2Checkout for around USD 185m in 2020. Kirkland & Ellis advised Francisco on the buyout and Verifone on some of the acquisitions.

For years, Verifone has been working to diversify its in-store payments terminal business by expanding into software and analytics.

Verifone, Francisco and Gibson Dunn didn’t return requests for comment.