Evertec LBO finance includes $400 million loans, $225 million bridge

New York, July 9 - Financing for Apollo Management, LP's acquisition of 51% of Evertec includes a $625 million debt commitment from Bank of America, NA, Banc of America Bridge LLC, Banc of America Securities LLC and Morgan Stanley Senior Funding, Inc., according to an 8-K filing with the Securities and Exchange Commission Friday.

The debt consists of a $350 million senior secured term loan, a $50 million senior secured revolving credit facility and a $225 million senior unsecured bridge loan.

Remaining funding for the acquisition will be a $165.75 million equity investment from a fund managed by Apollo.

Popular, Inc. announced on July 1 that it entered into an agreement to sell a 51% interest in Evertec, its processing subsidiary, to Apollo through the establishment of a joint venture.

The joint venture is valued at approximately $900 million, Popular said, adding that as part of the transaction it had transferred its merchant acquiring and processing and technology businesses to Evertec.

Closing is expected in the third quarter.

Popular is a San Juan, P.R., bank. Evertec processes 1.1 billion transactions annually in the Caribbean and Latin America.

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