SS&C Technologies gets $175 million term loan for Portia purchase

By Sara Rosenberg

New York, May 9 - SS&C Technologies Inc. closed on Wednesday on its $175 million five-year senior secured term loan that is being used to fund the $170 million acquisition of Thomson Reuters' Portia business, according to an 8-K filed with the Securities and Exchange Commission.

Bank of America Merrill Lynch acted as the lead bank on the deal.

Pricing on the loan is initially Libor plus 200 basis points, but the spread can range from Libor plus 125 bps to 250 bps based on leverage.

In addition, the company amended its revolver to extend the maturity to May 9, 2017 from Dec. 15, 2016.

SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services. Portia is a middle-to-back office investment operations platform.

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