Activant Solutions talks $175 million 10-year notes at 9½%-9¾%

By Paul A. Harris

St. Louis, April 25 - Activant Solutions Inc. talked its $175 million offering of 10-year senior subordinated notes (Caa1/CCC+) at 9½% to 9¾% on Tuesday, according to market sources.

The offering is expected to price on Thursday.

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

The notes come with five years of call protection.

Proceeds, along a $430 million credit facility, 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.

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

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