Southfield-based law firm Jaffe Raitt Heuer & Weiss represented payment-processing agency Applied Merchant Systems in a financing agreement with Goldman Sachs and the Business Development Corporation of America.
Jaffe partner Holli Targan said the deal also negotiated the purchase of a sales organization that provides Applied Merchant Systems with more than $2.2 billion in annual processing volume.
According to Applied Merchant Systems CEO Jonathan Severn, the transaction expanded the company’s senior credit facility with Goldman Sachs. Senior credit facilities are a type of secured loan that are typically backed by securities or bond exchanges.