JPMorgan, Wachovia Securities and Bank of America are in the market with a deal for SS&C Technologies, to partially fund its $942 million acquisition by The Carlyle Group. The credit, which launched last Friday, consists of a six-year, $75 million revolver, a $200 million term loan "B" and a $75 million Canadian tranche. Pricing is LIBOR plus 2 3/4% on all tranches. The deal also includes $205 million in notes. Carlyle and management will contribute about $545 million to the purchase.
The Windsor, Ct.-based company provides investment and financial management software and related services focused on the financial services industry. Standard & Poor's assigned a B rating to the deal and a CCC+ to the company's proposed notes. Moody's Investors Service assigned a B2 rating to the loans and a Caa1 rating to the notes.
SS&C signed an agreement to be acquired by Sunshine Acquisition Corp., a corporation affiliated with Carlyle, in July. SunTrust Robinson Humphrey and America's Growth Capital acted as financial advisors to SS&C and SunTrust Robinson Humphrey advised the independent committee of the board of directors of SS&C and provided a fairness opinion. Wachovia acted as financial advisor to Carlyle. A call to Patrick Pedonti, cfo, was not returned by press time.