Cannae, Senator would use debt financing for CoreLogic purchase

By Sara Rosenberg

New York, June 26 – Cannae Holdings Inc. and Senator Investment Group LP intend to use third-party debt financing and equity to fund the acquisition of CoreLogic Inc., if CoreLogic accepts their unsolicited acquisition proposal, according to a news release.

The equity investment that has already been spoken is for about $3.6 billion, and Cannae and Senator said in the release that they are highly confident in their ability “to secure the entirety of the debt financing required in connection with the transaction from a large national bank.”

Cannae and Senator are offering to purchase CoreLogic for $65.00 per share in cash, representing about $7 billion in total enterprise value.

CoreLogic acknowledged receipt of the proposal and stated in a news release that its “Board of Directors, consistent with its fiduciary responsibilities, will carefully review the proposal with the assistance of financial and legal advisors to determine the course of action it believes is in the best interests of the company and its shareholders.”

CoreLogic is an Irvine, Calif.-based provider of property insights and solutions.

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