SS&C starts roadshow for $205 million eight-year notes Monday

By Paul Deckelman

New York, Nov. 4 - SS&C Technologies Inc. will start marketing for a $205 million offering of eight-year senior subordinated notes on Monday, junk bond syndicate sources said late Friday.

The notes, as part of the company's upcoming leveraged buyout by an affiliate of The Carlyle Group private equity firm, will be brought to market via joint bookrunners Wachovia Securities, JP Morgan and Banc of America Securities.

They will be marketed to prospective investors via a roadshow that begins Monday, with pricing expected on or around Nov. 17.

The notes will be non-callable for the first four years after issue, and are expected to carry a Caa1 rating from Moody's Investors Service and a CCC+ rating from Standard & Poor's.

Proceeds of the offering will be used to partly fund the LBO of SS&C - a Windsor, Conn.-based provider of software to the financial services industry - by Sunshine Acquisition Corp., a Carlyle affiliate.

Under terms of the $982 million deal, which was announced on July 28, the acquisition will be financed via a combination of equity contributed by investment funds affiliated with The Carlyle Group and the upcoming debt financing. In addition, William C. Stone, SS&C's chairman and chief executive officer, will contribute certain of his shares of SS&C common stock in exchange for approximately 28% of the equity of Sunshine Acquisition.

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