Kronos gets debt financing commitment for buyout by Hellman & Friedman

By Sara Rosenberg

New York, March 23 - Kronos Inc. has received a debt financing commitment to help back its buyout by Hellman & Friedman and JMI Equity, according to a DEFA14A filed with the Securities and Exchange Commission Friday.

Wachovia Bank is the lead bank on the deal.

Under the terms of the agreement, Kronos shareholders will receive $55.00 in cash per share of common stock. The transaction is valued at $1.8 billion.

Other LBO financing will come from equity financing of $752.9 million, cash, cash equivalents and short-term investments of Kronos.

The acquisition is expected to be completed in the third quarter, subject to the receipt of shareholder approval, the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other required regulatory approvals, and other customary closing conditions. There is no financing condition.

Kronos is a Chelmsford, Mass., provider of human capital management services.

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