Activant Solutions to start roadshow Tuesday for $175 million 10-year notes

By Paul A. Harris

St. Louis, April 17 - Activant Solutions Inc. plans to begin a roadshow on Tuesday for its $175 million offering of 10-year senior subordinated notes (Caa1/CCC+), according to market sources.

Pricing is expected to take place late in the week of April 24.

Deutsche Bank, JP Morgan and Lehman Brothers are joint bookrunners for the Rule 144A offering.

The notes come with five years of call protection.

The company will also obtain a $430 million credit facility.

Proceeds, along with about $244 million of sponsor equity and available cash, will be used to fund the acquisition of Activant by affiliates of the private equity firms Hellman & Friedman LLC and Thoma Cressy Equity Partners.

The company is also tendering for all of its outstanding bonds, totaling $462 million. The issues include $40 million of senior floating-rate PIK notes due 2011, $157 million of 10½% senior notes due 2011 and $265 million senior floating-rate notes.

Activant, currently owned by HM Capital Partners LLC, is an Austin, Texas-based technology provider of business management solutions.

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