Activant Solutions in market with $180 million two-part note offering

By Paul A. Harris

St. Louis, Sept. 26 - Activant Solutions, Inc. will begin a roadshow Wednesday for a $140 million add-on to its senior floating-rate notes due April 1, 2010 (B+), according to market sources.

Meanwhile, Activant Solutions Holdings is concurrently in the market with a $40 million offering of six-year floating-rate PIK notes, non-callable for two years (B-).

Deutsche Bank Securities and JP Morgan are the bookrunners.

One-on-one investor meetings are scheduled to take place Wednesday and Thursday at the Deutsche Bank High Yield Conference.

The issue is expected to be priced on Oct. 7.

Proceeds will be used to fund Activant's acquisition of Yardley, Pa.-based Prophet 21, a provider of technology services to the wholesale distribution market.

Activant priced the original $120 million issue of the senior floating-rate notes due April 1, 2010 at par to yield Libor plus 600 basis points on March 10, 2005. The notes are callable after April 1, 2006 at 102 and contain an equity clawback until April 1, 2006 for 35% at par plus the applicable coupon.

Activant Solutions is an Austin, Texas-based software company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.