SS&C borrows $211 million under revolver as precautionary measure

By Sarah Lizee

Olympia, Wash., March 25 – SS&C Technologies Holdings, Inc. drew down $211 million under its $250 million revolving credit facility on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The draw was made as a precautionary measure in order to increase liquidity and preserve financial flexibility in light of current uncertainty resulting from the Covid-19 pandemic, the company said.

SS&C had drawn $35 million of its available capacity under the revolver earlier in March for normal seasonal cash flow needs.

The interest rates for the $35 million draw and $211 million draw are about 2.92% and 2.96%, respectively, each of which is calculated as Libor plus 200 basis points.

As a result of the draws and previously outstanding letters of credit, the company does not currently have any further availability under the revolver.

The borrower is Windsor, Conn.-based technology company that sells software to the financial services industry.

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