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MSC.Software plans senior debt for purchase by Symphony Technology
By Sara Rosenberg
New York, July 10 - MSC.Software Corp. has received commitments for new senior debt financing to help fund its buyout by Symphony Technology Group, according to an 8-K recently filed with the Securities and Exchange Commission.
Wells Fargo Foothill and CapitalSource provided the commitments.
Under the acquisition agreement, Symphony Technology is purchasing all of MSC's outstanding shares in a one-step all-cash merger transaction valued at about $360 million. Stockholders will receive $7.63 in cash for each share of MSC common stock.
Closing is expected near the end of the third quarter, subject to customary closing conditions, including approval of MSC's stockholders and regulatory approvals.
MSC is a Santa Ana, Calif.-based developer, marketer and supporter of simulation software and related services.
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