Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for Envestnet Inc. > News item |
Envestnet plans $200 million credit facility for Yodlee acquisition
By Sara Rosenberg
New York, Oct. 14 – Envestnet Inc. has received a commitment for a $200 million senior secured credit facility to help fund its purchase of Yodlee Inc., according to an S-4/A filed with the Securities and Exchange Commission on Wednesday.
BMO Capital Markets is the lead on the deal.
The facility consists of a $100 million revolver and $100 million in term loans.
The revolver and term debt will mature on the earlier of Jan. 15, 2019 or three years from the date of the closing of the merger.
Other funds for the transaction will come from cash on hand.
Under the agreement, Yodlee is being purchased in a cash and stock transaction valued at $18.88 per share, or about $660 million on a fully diluted equity value basis.
Closing is expected in the fourth quarter of 2015 or in the first quarter of 2016, subject to customary conditions and approval by Yodlee stockholders.
Envestnet is a Chicago-based provider of unified wealth management technology and services to financial advisors. Yodlee is a Redwood City, Calif.-based technology and applications platform powering cloud-based innovation for digital financial services.
© 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.