Applied Systems to launch $250 million credit facility Sept. 4 week

By Sara Rosenberg

New York, Aug. 15 - Applied Systems Inc. is planning to hold a bank meeting during the week of Sept. 4, with Sept. 6 or Sept. 7 being the targeted dates, to launch its proposed $250 million credit facility, according to a market source.

Credit Suisse and JPMorgan are the lead banks on the deal, with Credit Suisse the left lead.

The facility consists of a $220 million first-lien term loan and a $30 million revolver, the source said.

Proceeds will be used to help fund the leveraged buyout of Applied Systems by Bain Capital Partners from Vista Equity Partners, LLC. Chairman and chief executive officer James P. Kellner will remain a significant investor in the company.

In addition to the credit facility, the company will be getting $165 million of mezzanine debt for acquisition financing.

Applied Systems is a University Park, Ill., provider of insurance agency and broker management system software.

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