SS&C Technologies $350 million credit facility launch likely two to three weeks away

By Sara Rosenberg

New York, Sept. 27 - SS&C Technologies Inc.'s $350 million senior secured credit facility is now expected to launch in around two to three weeks, as opposed to the previous estimation of late-September business, according to a market source.

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

The facility consists of a $75 million six-year revolver talked at Libor plus 250 basis points assuming ratings of B1/B+ or better and a $275 million seven-year term loan talked at Libor plus 250 bps assuming ratings of B1/B+ or better, according to a previous filing with the Securities and Exchange Commission.

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 common stock, or about $941 million.

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.

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