04:31 PM EDT, 07/08/2025 (MT Newswires) -- Priority Technology ( PRTH ) said late Tuesday it launched new senior credit facilities comprising a $70 million revolving credit facility and a $1 billion term loan.

The facilities extend the maturity for the revolving facility and the term loan to new five- and seven-year terms, respectively, the company said.

The company will use the proceeds to refinance outstanding debt of $935.5 million, partly fund a tuck-in acquisition, settle considerations related to the Plastiq acquisition, and cover costs and fees, according to a statement.

The facilities and related transactions are expected to be completed in Q3, the company said.