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Global Payments Inc., an Atlanta-based payment processor, says it is paying down a $350 million credit line of which it used $307.7 million to pay for HSBC Bank PLC's share of a payment-processing joint venture the two companies formed in the United Kingdom. They created HSBC Merchant Services in 2008 (CardLine, 6/17/08) to serve UK merchants and online retailers. At the time, Global Payments paid HSBC $439 million for a 51% stake, and last month Global bought HSBC's 49% stake in the venture (CardLine, 6/12). Global Payments says it will use a new $300 million credit line arranged through a syndicate of banks to pay down the previous line of credit. The new loan has a three-year term.

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