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SS&C Technologies to launch $2.63 billion credit facility on Tuesday
By Sara Rosenberg
New York, June 19 – SS&C Technologies Inc. set a bank meeting for 10 a.m. ET in New York on Tuesday to launch its proposed $2.63 billion senior secured credit facility (Ba3), according to a market source.
Deutsche Bank Securities Inc., Morgan Stanley Senior Funding Inc. and Barclays are the bookrunners on the debt. Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC and Jefferies Finance LLC are the co-managers.
The facility consists of a $150 million five-year revolver, a $40 million five-year term loan A-1 to be made available to SS&C European Holdings SaRL, a $160 million five-year term loan A-2 to be made available to SS&C Technologies Holdings Europe SaRL, a $1.82 billion seven-year covenant-light term loan B-1 to be made available to SS&C Technologies Inc., and a $460 million seven-year covenant-light term loan B-2 to be made available to SS&C Technologies Holdings Europe SaRL.
The revolver, term loan A-1 and term loan A-2 have a secured net leverage covenant.
The term loan A and term loan B debt will be sold as a strip between borrowers with CAM mechanism in place, the source continued.
Commitments are due at noon ET on June 30, the source added.
Proceeds will be used to help fund the acquisition of Advent Software Inc. and refinance existing debt at both companies.
Advent is being bought for about $2.7 billion in cash, equating to $44.25 per share plus the assumption of debt.
Other funds for the transaction will come from the sale of common stock and $500 million of senior notes.
Backing the notes is a commitment for a $500 million senior unsecured bridge loan.
SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services. Advent is a San Francisco-based provider of software and services for the investment management industry.
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