Activant gets commitment for $125 million term loan

By Sara Rosenberg

New York, July 9 - Activant Solutions Inc. has received a commitment for a new $125 million secured term loan due May 2, 2013 to fund its acquisition of Intuit Inc.'s Eclipse Distribution Management Solutions business, according to an 8-K filed with the Securities and Exchange Commission Monday.

Deutsche Bank is the lead bank on the deal.

The term loan is expected to carry pricing of Libor plus 225 basis points, the filing said.

In connection with this transaction, the company will amend its existing credit facility to allow for the additional debt and for the acquisition.

Activant is buying the Intuit business for $100 million in cash, subject to certain adjustments.

Closing on the acquisition is expected in August, subject to the expiration or termination of the applicable Hart-Scott-Rodino waiting period and other customary conditions.

Activant is a Livermore, Calif., provider of vertical business management services.

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