Global Imaging gets $350 million amended and restated facility

By Sara Rosenberg

New York, July 6 - Global Imaging Systems Inc. closed on $350 million amended and restated credit facility due June 29, 2011, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Wachovia and Suntrust acted as joint lead arrangers on the deal, with Wachovia the bookrunner and administrative agent. Suntrust and Bank of America acted as syndication agents, and LaSalle Bank and General Electric Capital Corp. acted as documentation agents.

The facility consists of a $200 million revolver and a $150 million term loan, with pricing on both tranches determined by a grid that can range from Libor plus 100 to 137.5 basis points based on leverage.

Proceeds are being used to refinance the existing credit facility, to fund cash dividends and repurchases of common stock and for working capital and general corporate purposes.

Global Imaging Systems is a Tampa, Fla.-based provider of office technology services to middle-market businesses.

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