SunGard Data Systems looks to redeem $400 million floaters

By Angela McDaniels

Seattle, Feb. 2 - SunGard Data Systems Inc. said it plans to redeem all or a portion of its $400 million of senior floating-rate notes due 2013.

The notes become callable after Aug. 15, 2007 at 103.

The company is in discussions with its lenders to increase the size of its term loan B facility to up to $4.4 billion from $4 billion and will use any additional borrowings granted, along with cash on hand, to fund the redemption, according to an 8-K report filed with the Securities and Exchange Commission on Thursday.

SunGard is based in Wayne, Pa., and provides integrated software and processing services, primarily for financial services.

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