Kanbay to get $125 million facility for Adjoined purchase

By Sara Rosenberg

New York, Feb. 15 - Kanbay International Inc. has received a commitment for a new $125 million credit facility to help fund its acquisition of Adjoined Consulting Inc., according to an 8-K recently filed with the Securities and Exchange Commission.

LaSalle Bank is the lead bank on the deal.

The facility consists of a $50 million term loan and a $75 million revolver, the filing said.

Under the acquisition agreement, Kanbay will purchase Adjoined for about $165 million, consisting of $95.7 million in cash and $69.3 million in Kanbay stock.

The transaction is expected to close in mid-March following receipt of regulatory approvals and other customary conditions.

Kanbay is a Rosemont, Ill.-based IT services firm focused on the financial services industry. Adjoined is a Miami-based IT services firm.

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