Kronos details $1.125 billion credit facility for buyout by Hellman & Friedman and JMI

By Sara Rosenberg

New York, April 11 - Kronos Inc. revealed that it plans to get a $1.125 billion senior secured credit facility to help back its buyout by Hellman & Friedman and JMI Equity, according to a PREM14A recently filed with the Securities and Exchange Commission.

Wachovia Bank is the lead bank on the deal.

The facility consists of a $60 million revolver, a $665 million first-lien term loan and a $400 million second-lien term loan.

Under the terms of the agreement, Kronos shareholders will receive $55.00 in cash per share of common stock. The transaction is valued at $1.8 billion.

Other LBO financing will come from equity financing of $752.9 million, cash, cash equivalents and short-term investments of Kronos.

The acquisition is expected to be completed in the third quarter, subject to the receipt of shareholder approval, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other required regulatory approvals, and other customary closing conditions. There is no financing condition.

Kronos is a Chelmsford, Mass., provider of human capital management 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.