Datatel launches $530 million senior unsecured bridge loan with call

By Sara Rosenberg

New York, Sept. 13 - Datatel Inc. held a conference call on Tuesday at 1 p.m. ET to launch a new $530 million senior unsecured bridge loan, according to a market source.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC are the lead banks on the financing.

Proceeds will be used to help fund the acquisition of SunGard Higher Education by Hellman & Friedman LLC and the concurrent merger with Datatel, an existing Hellman & Friedman portfolio company.

Under the agreement, Hellman & Friedman is buying SunGard Higher Education from SunGard Data Systems Inc. for $1.775 billion in cash.

Once SunGard Higher Education is merged with Datatel, the combined company will operate under a new name that will be announced by the parties at the closing of the transactions.

The debt financing commitment was obtained by an entity named Sophia LP.

Closing is subject to customary conditions, including applicable regulatory clearances. It is not subject to a financing condition or receipt of any stockholder approvals.

SunGard Higher Education is a Malvern, Pa.-based provider of software and services to the higher education community. Datatel is a Fairfax, Va.-based provider of technology products, services and insight to higher education.

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