Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers U > Headlines for Ultimate Software Group Inc. > News item |
Kronos, Ultimate Software leave existing debt in place with merger
By Sara Rosenberg
New York, April 1 – Kronos Inc. and Ultimate Software left their existing bank debt in place in connection with completion of their all-stock merger on Wednesday, according to market sources.
One source explained that there was no change of control at either company, so the debt did not need to be refinanced.
Another source said that although the existing debt remained in place, he wouldn’t “be surprised to see them collapsed into one” at some point when the market stabilizes. “But there’s no urgency to do so,” he added.
Hellman & Friedman LLC, the controlling shareholder of both Kronos and Ultimate Software, is the controlling shareholder of the newly formed company. Blackstone, GIC, Canada Pension Plan Investment Board and JMI Equity will be minority investors in the combined company.
Lowell, Mass.-based Kronos and Weston, Fla.-based Ultimate Software are providers of cloud human capital management and employee experience solutions. The new company shares joint headquarters in Lowell, Mass. and Weston, Fla.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.