Presidio eyes January launch for credit facilities and notes

By Sara Rosenberg

New York, Dec. 19 – Presidio Holdings Inc. is expected to come to market in January with $1,125,000,000 of senior secured credit facilities and $400 million of senior notes to back its acquisition by BC Partners, which was completed on Thursday, according to a market source.

In connection with the buyout closing, Presidio closed on its credit facilities, split between a $100 million five-year revolver and a $1,025,000,000 seven-year term loan, and closed on a $400 million one-year senior unsecured bridge loan, the company revealed in an 8-K filed with the Securities and Exchange Commission.

Although the credit facilities funded, syndication has not yet occurred, the source added.

JPMorgan Chase Bank is the administrative agent on the credit facilities, and Citibank is the administrative agent on the bridge loan. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets, BofA Securities Inc. and MUFG provided the debt commitment.

Presidio was bought for $16.60 in cash per common stock share. The transaction is valued at about $2.2 billion, including Presidio’s net debt.

Other funds for the transaction came from equity.

Presidio is a New York-based IT solutions provider.

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