GlobeOp Financial Services to get new credit facility with buyout

By Sara Rosenberg

New York, Feb. 2 - GlobeOp Financial Services plans on getting a new credit facility to help fund its purchase by TPG, according to market sources.

Credit Suisse Securities (USA) LLC and UBS Securities LLC are the lead banks on the deal.

Details on the credit facility and timing are not yet available, sources remarked.

The company, however, disclosed that it will use $291 million of debt to be provided under an interim facility and equity for the transaction.

Under the agreement, GlobeOp is being acquired for 435p in cash for each ordinary share held, in a transaction valued at about £508 million.

GlobeOp is a provider of business process outsourcing, financial technology services and analytics to hedge funds and other sectors of the financial industry. The company has headquarters in London and New York.

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