Infor Global expects to refinance $1.675 billion bridge loan with junk bonds

New York, June 22 - Infor Global Solutions intends to issue high-yield notes to refinance a $1.675 billion subordinated bridge facility.

No further details were immediately available on the bond issue, but Infor's sponsor, Golden Gate Capital, said the bridge loan will be part of a $3.825 billion financing that also includes a $150 million revolving credit facility and a $2 billion first lien term loan. The credit facility will be denominated in dollars and euros.

Both the six-year revolver and the seven-year term loan B are talked in the Libor plus 325 basis points area, a bank loan market source told Prospect News.

JPMorgan, Credit Suisse and Merrill Lynch are joint bookrunners and co-lead arrangers on the deal, with JPMorgan the left lead.

Proceeds from the new credit facility will be used to help fund the acquisitions of Systems Union Group and SSA Global, finance the combination of Infor and Extensity - which are both currently Golden Gate Capital portfolio companies - and to refinance debt at all four companies.

Under the SSA acquisition agreement, Infor is paying $19.50 per share in cash to SSA Global's shareholders, and, under the Systems Union agreement, Extensity will pay 215p per share in cash to Systems Union stockholders.

Infor is an Alpharetta, Ga.-based software provider focused on the manufacturing and distribution industries. Extensity is an Atlanta-based financial performance management company focused on the needs of finance professionals. SSA Global is a Chicago-based provider of enterprise software applications for manufacturing, distribution, retail, services and public organizations. Systems Union is a U.K.-based financial management, reporting and performance management services company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.