SourceHOV plans $1.1 billion credit facility with BancTec purchase

By Sara Rosenberg

New York, Sept. 29 – SourceHOV LLC expects to get a $1.1 billion credit facility in connection with its acquisition of BancTec Group, according to a news release.

Morgan Stanley Senior Funding Inc. is the bookrunner and lead arranger on the deal.

The credit facility will be used to refinance existing debt, redeem certain existing SourceHOV equity holders and provide additional working capital.

Also, in the transaction, stockholders of BancTec will receive stock in SourceHOV.

Closing is expected this year, subject to customary conditions, including regulatory approvals.

SourceHOV and BancTec are Dallas-based providers of transaction processing solutions.

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