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Open Solutions to get $380 million credit facility for purchase of Bisys business
By Sara Rosenberg
New York, Sept. 22 - Open Solutions Inc. has received a commitment for a $380 million credit facility to help fund its acquisition of The Bisys Group Inc.'s information services group, according to an 8-K recently filed with the Securities and Exchange Commission.
Wachovia is the lead bank on the deal.
The facility consists of a $30 million revolver, a $290 million first-lien term loan and a $60 million second-lien term loan.
Under the acquisition agreement, Open Solutions will purchase the information services group for a total cash consideration of about $470 million, subject to adjustment.
The transaction, which is expected to close in the fourth quarter, is subject to the termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, financing, consents and approvals, the receipt of audited final statements for the Information Services business and other closing conditions.
Open Solutions is a Glastonbury, Conn., provider of integrated, enterprise-wide data processing technologies for banks and credit unions.
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