SourceHOV to launch roughly $1.1 billion credit facility on Thursday

By Sara Rosenberg

New York, Oct. 7 – SourceHOV LLC is scheduled to hold a bank meeting at 2:30 p.m. ET in New York on Thursday to launch its $1,105,000,000 senior credit facility, according to a market source.

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

The facility consists of a $75 million revolver, a $780 million first-lien term loan and a $250 million second-lien term loan, the source said.

Proceeds will be used to refinance existing debt, redeem certain existing SourceHOV equity holders and provide additional working capital in connection with the company’s acquisition of BancTec Group.

As part of 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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