SS&C Technologies sets Wednesday launch for $350 million credit facility

By Sara Rosenberg

New York, Oct. 27 - SS&C Technologies Inc. has firmed up timing for its $350 million credit facility (B2/B) by scheduling a bank meeting for Wednesday to launch the deal, according to a market source.

Previously, it was hoped the deal would be late-October business.

JPMorgan and Wachovia are joint lead arrangers and joint bookrunners on the deal, with JPMorgan the left lead and administrative agent, Wachovia syndication agent and Bank of America documentation agent.

The facility consists of a $75 million six-year revolver and a $275 million seven-year term loan B.

Proceeds from the credit facility will be used to help fund The Carlyle Group's acquisition of the company. Sunshine Acquisition Corp., an affiliate of Carlyle, will purchase SS&C for $37.25 in cash for each share of SS&C stock, about $941 million.

The transaction is expected to be completed during the fourth quarter and is subject to various conditions, including stockholder approval, the expiration of the applicable waiting period under the Hart-Scott-Rodino Act, the closing of the debt financing arrangements and other customary closing conditions.

SS&C is a Windsor, Conn.-based provider of investment and financial management software and related services.

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