KeyBank is the sole lead arranger on a $175 million senior secured credit for Epicor Software Corp. The deal consists of a three-year, $75 million revolver and a six-year, $100 million term loan, according to an investor. Pricing on the deal could not be determined. Syndication of the financing was expected to launch last week.
The term loan is being used to refinance the acquisition of CRS Retail Technology Group, a provider of merchandising software to the retail industry. The acquisition was completed Dec. 6, and was initially funded with cash and the company's existing credit facility. Moody's Investors Service assigned a B1 rating to the new credit and Standard & Poor's rated the deal B+ with a recovery rating of 3.
Separately, Epicor said in a March 16 filing with the Securities and Exchange Commission that it would be forced to restate its financials for 2003, 2004 and interim quarterly periods from 2004 up until September 30, 2005. Epicor expects to file its 10-K with the restated financial information by March 31.
Based in Irvine, Calif., Epicor designs software that provides enterprise resource planning (ERP), customer relationship management (CRM) and supply chain management (SCM). Calls to Michael Piraino, cfo and executive v.p. at Epicor, were not returned. Bankers at KeyBank did not return calls.