Rocket Software to launch $1 billion equivalent term loan on Tuesday

By Sara Rosenberg

New York, April 8 – Rocket Software Inc. is set to hold a lender call at 9 a.m. ET on Tuesday to launch a $1 billion equivalent U.S. and euro term loan B due November 2028, according to a market source.

RBC Capital Markets, Barclays, Deutsche Bank Securities Inc., UBS Investment Bank, Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Mizuho Securities USA Inc., SMBC and Goldman Sachs Bank USA are the joint lead arrangers on the deal.

Commitments are due at noon ET on April 17, the source added.

Proceeds will be used with $1 billion of other secured debt, new cash equity from Rocket Software’s existing shareholders and cash from the balance sheet to fund the acquisition of the Application Modernization and Connectivity business (AMC) of OpenText for $2.275 billion.

Closing is expected in the second quarter, subject to regulatory approvals and other customary conditions.

Rocket Software, a portfolio company of Bain Capital, is a Waltham, Mass.-based provider of enterprise infrastructure software.

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