SS&C amends loan to extend reduction in borrowing deadline, allow purchase by Carlyle

By Sara Rosenberg

New York, July 28 - SS&C Technologies Inc. amended its credit facility, extending the date to Jan. 31, 2006 from Aug. 31, 2005 by which the maximum amount of borrowings will be reduced to $50 million from $75 million and allowing for The Carlyle Group's acquisition of the company, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Sunshine Acquisition Corp., an affiliate of Carlyle, will purchase SS&C for $37.25 in cash for each share of SS&C common stock, or about $941 million.

The acquisition will be financed with about $500 million of equity and about $500 million of debt, company officials said in a conference call Thursday.

Wachovia, JPMorgan and Bank of America have provided the debt financing commitment.

The transaction is expected to be completed during the fourth quarter of 2005 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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.