BMC Software acquisition financing to include $1.68 billion equivalent notes in dollars, euros

By Paul A. Harris and Sara Rosenberg

Portland, Ore., June 4 - Financing for the acquisition of BMC Software is expected to include up to $1.68 billion equivalent of senior notes, including up to €500 million equivalent of euro-denominated notes, according to an 8-K document filed with the Securities and Exchange Commission on Tuesday.

The bonds are expected to replace a $1.68 billion bridge financing commitment by Credit Suisse, RBC Capital Markets and Barclays.

Proceeds, along with $4.55 billion of credit facilities, will be used to help fund the acquisition of BMC by Bain Capital, Golden Gate Capital, GIC Special Investments Pte Ltd. and Insight Venture Partners.

Under the agreement, the company is being purchased for $46.25 per share in cash, or about $6.9 billion.

Other funds for the transaction will come from up to $1.25 billion of equity.

Closing is expected later this year, subject to approval from BMC shareholders, regulatory approvals and other customary conditions.

BMC is a Houston-based software company.

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