SunGard’s bank debt to be repaid by Fidelity following acquisition

By Angela McDaniels

Tacoma, Wash., Oct. 13 – Fidelity National Information Services Inc. plans to repay SunGard Data Systems Inc.’s outstanding bank debt, according to a company news release.

Fidelity also plans to redeem SunGard’s outstanding notes at or shortly following the closing of its acquisition.

Fidelity will use the proceeds of a $4.75 billion new issue of notes, the proceeds of a new $1.5 billion term loan, borrowings under its existing revolving credit facility and cash on hand to fund the acquisition and to make the debt repayments. Any excess proceeds will be used for general corporate purposes.

Fidelity is acquiring SunGard for roughly $2.3 billion less certain adjustments.

SunGard is a Wayne, Pa.-based software and technology services provider. Fidelity is a Jacksonville, Fla.-based provider of title insurance, mortgage and diversified 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.