SunGard seeks $350 million asset-based credit facility

By Sara Rosenberg

New York, March 17 - SunGard Data Systems is in market with a $350 million three-year asset-based credit facility, according to a market source.

GE Capital is the lead bank on the deal.

Price talk on the loan is Libor plus 450 basis points, with a 3% Libor floor and an unused fee of 100 bps, the source said.

Proceeds will be used to replace a receivables financing.

SunGard is a Wayne, Pa.-based software and IT services company.

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