The $740 million of financing for the leveraged buyout of Intergraph launched for syndication last Friday. Led by Morgan Stanley and Wachovia, the deal consists of a $75 million revolver, a $390 million first lien and a $275 million second lien, according to a banker. Pricing could not be determined by press time. The company also has $60 million in a senior secured payment-in-kind loan facility available, according to a filing with the Securities and Exchange Commission.
Intergraph announced in August that Hellman & Friedman and Texas Pacific Group would take the company private for approximately $1.3 billion. JMI Equity will also be investing in the company alongside the lead investors. Intergraph stockholders will receive $44 per share in cash.
Huntsville, Ala.-based Intergraph is a provider of spatial information management software which is used by security organizations, businesses and governments in more than 60 countries. Calls to spokesmen at Intergraph and H&F were not returned. A TPG spokesman declined comment.