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Concur plans $20 million revolver add-on for H-G purchase
By Sara Rosenberg
New York, Sept. 25 - Concur Technologies Inc. detailed its financing package for the acquisition of H-G Holdings Inc., including plans to amend its existing revolving credit facility so as to upsize it to $70 million from $50 million, according to a 424B5 filed with the Securities and Exchange Commission Tuesday.
LaSalle Bank is the lead bank on the revolver.
The $20 million revolver add-on is expected to carry substantially the same terms as the existing revolver.
About $36.2 million of the upsized revolver will be used to help fund Concur's purchase of H-G Holdings for about $160 million in cash.
Other acquisition financing will come from net proceeds of about $126 million from the sale of 4.7 million shares of its common stock.
Concur is a Redmond, Wash., provider of on-demand employee spend management services. H-G is a provider of expense management services.
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