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Infor Global to launch $2.15 billion credit facility next week
By Sara Rosenberg
New York, June 22 - Infor Global Solutions is scheduled to hold a bank meeting in London on Tuesday and in New York on Wednesday to launch its proposed $2.15 billion credit facility, according to a market source.
JPMorgan, Credit Suisse and Merrill Lynch are joint bookrunners and co-lead arrangers on the deal, with JPMorgan the left lead.
The facility consists of a $150 million six-year revolver and a $2 billion seven-year term loan B, with both tranches talked in the Libor plus 325 basis points area, the source said.
The facilities will be denominated in both dollars and euros.
Proceeds from the new credit facility will be used to help fund the acquisitions of Systems Union Group and SSA Global, finance the combination of Infor and Extensity - which are both currently Golden Gate Capital portfolio companies - and to refinance debt at all four companies.
Infor has also received a commitment for a $1.675 billion subordinated bridge facility, which is intended to be refinanced with high-yield notes.
Under the SSA acquisition agreement, Infor is paying $19.50 per share in cash to SSA Global's shareholders, and, under the Systems Union agreement, Extensity will pay 215p per share in cash to Systems Union stockholders.
Infor is an Alpharetta, Ga.-based software provider focused on the manufacturing and distribution industries. Extensity is an Atlanta-based financial performance management company focused on the needs of finance professionals. SSA Global is a Chicago-based provider of enterprise software applications for manufacturing, distribution, retail, services and public organizations. Systems Union is a U.K.-based financial management, reporting and performance management services company.
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