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SunGard Data Systems holders offered 106.625% of par for 7 3/8% notes
By Angela McDaniels
Tacoma, Wash., Feb. 10 - Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and BofA Merrill Lynch began an offer to purchase up to $385 million of SunGard Data Systems Inc.'s $900 million outstanding 7⅜% senior notes due 2018, according to a news release.
The companies are offering $1,066.25 per $1,000 principal amount of notes. This amount includes a $30.00 early tender premium for each note tendered by the early tender deadline, 5 p.m. ET on Feb. 24.
Holders will also receive accrued interest.
The offer will end at 8 a.m. ET on March 11.
If the amount of notes tendered exceeds the cap, the notes that are accepted for purchase will be subject to proration.
The offer is subject to the purchasers being satisfied that (a) SunGard's plan to split off its availability services businesses is likely to be completed no earlier than 14 days and no later than 21 days after the acquisition of notes through the offer and (b) all governmental and regulatory approvals required to complete the split-off have been obtained. The purchasers expect to terminate the offer if this condition has not been satisfied prior to the expiration of the offer.
The offer is also conditioned on the receipt of tenders for at least $385 million of notes.
Questions may be directed to Citigroup at 800 558-3745 or 212 723-6106, to BofA Merrill Lynch at 888 292-0070 or 980 387-3907 and Deutsche Bank Securities Inc. at 866 627-0391 or 212 250-2955.
The information agent is Global Bondholder Services Corp. (212 430-3774 or 866 924-2200).
SunGard is a Wayne, Pa.-based software and technology services provider.
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