SunGard Availability to launch $1.03 billion term loan on Thursday

By Sara Rosenberg

New York, March 11 - SunGard Availability Services will hold a bank meeting on Thursday to launch a $1,025,000,000 five-year term loan, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to help fund the company's spinoff from SunGard Data Systems Inc. to existing stockholders, including private equity owners.

Closing is expected as early as this quarter, subject to the satisfaction of various customary conditions, including the receipt of financing, opinions of counsel as to the tax-free nature of the split-off and related transactions, and final approval of SunGard's board of directors.

SunGard Availability Services is a Wayne, Pa.-based provider of disaster recovery services, managed IT services, information availability consulting services and business continuity management software.

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