Banks Offer Mega-Financing For SunGard LBO

Up to $4.75 billion in bank debt will be used to back the $11.3 billion acquisition of SunGard Data Systems by a consortium of private equity firms.

  • 01 Apr 2005
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Up to $4.75 billion in bank debt will be used to back the $11.3 billion acquisition of SunGard Data Systems by a consortium of private equity firms. J.P. Morgan, Citigroup, Deutsche Bank, Goldman Sachs and Morgan Stanley have offered to provide $4.75 billion in senior secured debt, $500 million in trade receivables financing and will lead $3.5 billion in senior subordinated or pay-in-kind debt bridge financing.

Silver Lake Partners, Bain Capital, The Blackstone Group, Kohlberg Kravis Roberts & Co., Providence Equity Partners, Texas Pacific Group and Goldman Sachs Capital Partners are putting up $3.5 billion.

Because of the size of the investment, the various funds were brought in, although the group is not discussing specific equity splits. "It is truly a powerhouse group, each of whom bring something uniquely valuable to the table. Beyond that, if you wanted to put together the "A" team of investing, this is in fact the "A" team or at least most of the "A" team," said a Silver Lake spokesman.

Based in Wayne, Pa., SunGard provides integrated software and processing solutions for financial services. It serves more than 20,000 customers in over 50 countries and has annual revenues of $3 billion. Following SunGard's announcement to spin off its Availability Services division in October, Silver Lake called Credit Suisse First Boston, advisor on the spinoff, to see if Sungard would be interested in selling the entire company.

  • 01 Apr 2005

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 Jul 2017
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%