Applied Systems to launch $485 million credit facility on Thursday

By Sara Rosenberg

New York, Nov. 16 - Applied Systems Inc. has set a bank meeting for Thursday to launch a proposed $485 million credit facility, according to a market source.

Credit Suisse and JPMorgan are the lead banks on the deal.

The facility consists of a $30 million revolver, a $280 million first-lien term loan and a $175 million second-lien term loan, the source said.

Proceeds will be used to refinance existing debt and fund a dividend payment.

Applied Systems is a University Park, Ill.-based provider of insurance agency management systems.

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