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SS&C Technologies to redeem some 11¾% notes with IPO proceeds
By Angela McDaniels
Seattle, June 13 - SS&C Technologies Holdings, Inc. plans to redeem up to $71.75 million of its $205 million 11¾% senior subordinated notes due 2013, according to an S-1 filing with the Securities and Exchange Commission.
Under the notes' equity clawback provision, the company may redeem up to 35% of the outstanding notes at 111.75% plus accrued interest until Dec. 1, 2008.
SS&C Technologies said that if it were to redeem $71.75 million of the notes, the total redemption price would be $80.18 million plus interest.
The company will use a portion of the proceeds from its planned initial public offering to fund the redemption. Remaining proceeds will be used for working capital and other general corporate purposes, including potential acquisitions.
Windsor, Conn.-based SS&C Technologies delivers investment and financial management software and related services.
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