Applied Systems firms Sept. 7 launch for $250 million credit facility

By Sara Rosenberg

New York, Aug. 17 - Applied Systems Inc. has firmed up timing on the launch of its proposed $250 million credit facility with the scheduling of a bank meeting for the afternoon of Sept. 7, according to a market source.

Previously it was known that the deal would come during the week of Sept. 4, with Sept. 6 or Sept. 7 being looked at as possibilities.

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.

© 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.