KKR, the US private equity group, was on Thursday night meeting with a group of banks funding its $26bn buy-out of First Data, the credit card processing company, in an effort to agree on fresh terms for the debt package needed to complete the deal.

According to people familiar with the matter, KKR had made “some concessions” to the banks which had committed to funding the takeover, including Citigroup, Credit Suisse and Lehman Brothers. Possible changes to the terms of the loans include less attractive interest payments for KKR and the addition of certain covenants.