SunGard Data Systems wraps tender offer for 7 3/8% notes due 2018

By Toni Weeks

San Luis Obispo, Calif., March 11 - Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and BofA Merrill Lynch announced the conclusion of their offer to purchase up to $385 million of SunGard Data Systems Inc.'s $900 million outstanding 7 3/8% senior notes due 2018. The offer began Feb. 10.

According to a notice, the purchasers accepted, on a prorated basis, $389.25 million principal amount, or about 50.95%, of the notes validly tendered by the expiration date, 8 a.m. on March 11.

Settlement for the notes occurred on March 11.

As previously noted, the companies offered $1,066.25 per $1,000 principal amount of notes. This amount included a $30.00 early tender premium for each note tendered by the early tender deadline, 5 p.m. ET on Feb. 24.

Holders also received accrued interest.

The companies previously said that if the amount of notes tendered exceeded the cap, the notes that were accepted for purchase would be subject to proration.

The offer was subject to the purchasers being satisfied that (a) SunGard's plan to split off its availability services businesses was 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 had been been obtained. The purchasers said they expected to terminate the offer if this condition had not been satisfied prior to the expiration of the offer.

The offer was 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 was 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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