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Extensity to increase credit facility, get bridge facility for Systems Union purchase
By Sara Rosenberg
New York, April 27 - Extensity plans on getting some incremental bank debt under its existing senior secured credit facility, as well as a bridge facility, to help fund its acquisition of Systems Union Group plc, according to a company news release.
J.P. Morgan Securities Inc. and Merrill Lynch & Co. will act as joint bookrunners and co-lead arrangers for the incremental senior secured bank debt and the bridge facility.
Under the acquisition agreement, Extensity will pay 215p per share in cash to Systems Union stockholders. Golden Gate Capital, Extensity's equity sponsor, will be contributing equity capital to help finance the purchase as well.
The transaction, which is expected to close in 90 to 120 days, is subject to certain conditions, including regulatory clearance, approval by the High Court in England and shareholder approval.
Extensity is an Atlanta-based financial performance management company focused on the needs of finance professionals. Systems Union is a U.K.-based financial management, reporting and performance management solutions company.
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