iGate announces up to $700 million notes for acquisition financing

By Paul A. Harris

Portland, Ore., Jan. 12 - iGate Corp. announced in an 8-K document filed on Monday with the Securities and Exchange Commission that it plans to sell up to $700 million of senior notes via Rule 144A or other private placement.

The notes, which are backed by a $700 million bridge loan from Jefferies Finance LLC and Royal Bank of Canada, are part of the debt financing iGate intends to use in order to help fund the acquisition of a majority stake in Patni Computer Systems Ltd., a Mumbai, India-based information technology services company.

The acquisition, valued at $1.22 billion, including the mandatory open offer to the public shareholders of Patni, is expected to close during the first half of 2011.

The debt financing also includes a $50 million revolver.

iGate is a Freemont, Calif.-based integrated technology and operations solutions provider.

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