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SunGard begins tender offer for up to $500 million 9 1/8% senior notes
By Marisa Wong
Madison, Wis., Nov. 1 - SunGard Data Systems Inc. said it has started a cash tender offer for up to $500 million, or 31.25%, of its $1.6 billion of outstanding 9 1/8% senior notes due 2013.
The tender offer is scheduled to expire at midnight ET on Nov. 30.
Holders who tender their notes by 5 p.m. ET on Nov. 15, the early tender date, will receive the total consideration of $1,025.31 per $1,000 principal amount of notes tendered. The total consideration includes an early tender payment of $25.31 per $1,000 of notes.
Holders who tender their notes after the early tender date will receive the tender offer consideration of par, which equals the total consideration less the early tender payment.
In addition, holders will receive accrued interest from the last interest payment date to but excluding the applicable settlement date.
Tendered notes may be withdrawn at or before the early tender date.
The company plans to accept for purchase, on or closely following the early tender date, 31.25% of all notes tendered at or before the early tender date on a prorated basis.
On or right after the expiration date, the company will accept for purchase an amount of notes that together with the notes purchased on the early settlement date does not exceed the tender cap.
If the total amount of notes tendered notes exceeds the cap, the notes will be subject to proration on an equal basis.
J.P. Morgan Securities LLC (800 245-8812 or 212 270-1200) and Goldman Sachs & Co. (800 828-3182 or 212 902-5183) are dealer managers for the tender offer. The Bank of New York Mellon is the depositary, and i-Deal LLC (888 593-9546 or 212 849-5000) is the information agent.
SunGard is a Wayne, Pa.-based software and technology services company.
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