SS&C amends, restates and extends upsized $600 million revolver

By William Gullotti

Buffalo, N.Y., Jan. 4 – SS&C Technologies Holdings, Inc. and subsidiaries SS&C Technologies, Inc., SS&C Financing LLC and SS&C European Holdings Sarl amended and restated the revolving portion of their credit facility on Dec. 28, according to an 8-K filing with the Securities and Exchange Commission.

The agreement is divided into term and revolving facilities, each with its own administrative agent. The term facility was not reported to have been amended.

The amendments upped the aggregate commitments for the revolver to $600 million from $250 million and pushed its maturity to Dec. 28, 2027.

The amended revolver also has a $50 million alternate currency sublimit and an increased letter-of-credit sublimit of $75 million, up from $25 million.

The interest benchmark was updated to replace Libor, and the facility fee was decreased.

Revolver borrowings will bear interest at SOFR, Sonia or Euribor plus a margin of 125 basis points or 150 bps. The facility fee is either 25 bps or 37.5 bps. The fee and margin are determined by the company’s consolidated secured net leverage ratio.

Morgan Stanley Senior Funding, Inc. is the administrative agent for the revolver.

Morgan Stanley Senior Funding is also acting as a joint lead arranger, joint bookrunner and co-syndication agent along with Credit Suisse Loan Funding LLC, BofA Securities Inc., Citibank, NA, Goldman Sachs Bank USA and RBC Capital Markets, LLC.

HSBC Securities (USA) Inc., TD Securities (USA) LLC and UMB Bank, NA are additional co-syndication agents.

Commerce Bank, Deutsche Bank Securities Inc., JPMorgan Chase Bank, NA, MUFG Bank, Ltd., National Westminster Bank plc and Old National Bank are the co-documentation agents.

Credit Suisse AG, Cayman Islands Branch is the administrative agent for the agreement’s term facility, which matures March 22, 2029.

SS&C is a Windsor, Conn.-based provider of financial services software and software-enabled services.

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