ACS Solutions plans $150 million term loan for Volt buy

By Sara Rosenberg

New York, March 25 – ACS Solutions has received a commitment for a $150 million senior secured term loan due Dec. 31, 2024 to fund its acquisition of Volt Information Sciences Inc., according to a SC TO-T filed with the Securities and Exchange Commission on Friday.

Amortization on the term loan is 10% per annum.

The term loan will bear interest at same interest rate as ACS’s existing credit facility.

Bank of America, Fifth Third Bank and BMO Harris Bank provided the debt commitment.

American CyberSystems Inc. is the guarantor under the debt commitment.

Under the agreement, ACS, through its affiliate Vega Consulting Inc., is buying Volt for $6.00 per share in cash.

Closing is expected in the second quarter, subject to customary conditions, including the expiration or termination of certain regulatory periods and the tender of shares representing at least two-thirds of the company’s outstanding common stock.

ACS is an Atlanta-based provider of information technology solutions and services. Volt is an Orange, Calif.-based provider of staffing services.

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