Evertec to sell $225 million notes as part of acquisition financing

By Paul A. Harris and Sara Rosenberg

St. Louis, Aug. 2 - Evertec plans to issue $225 million of notes as part of the financing for Apollo Management LP's acquisition of 51% of Evertec from Popular Inc., according to a market source.

The acquisition is expected to close in the third quarter of 2010.

Bank of America Merrill Lynch and Morgan Stanley will lead the deal.

The financing also includes a $400 million credit facility, which launches at a bank meeting on Thursday.

Remaining funding for the acquisition will come from $165.75 million of equity.

Evertec is a San Juan, Puerto Rico-based transaction processing company serving the Caribbean and Latin America.

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