Active Network plans $505 million in loans for buyout by Vista Equity

By Sara Rosenberg

New York, Sept. 30 - Active Network is planning on getting $505 million in new senior secured loans to help fund its acquisition by Vista Equity Partners, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Bank of America Merrill Lynch, RBC Capital Markets and BMO Capital Markets Corp. are leading the debt.

The debt consists of a $350 million of first-lien loans and $155 million of second-lien loans, the filing said.

Under the agreement, Active Network is being purchased for $14.50 per share in cash, or about $1.05 billion.

Other funds for the transaction will come from $660 million of equity.

Closing is expected by the end of the fourth quarter, subject to satisfaction of a minimum tender condition, expiration or termination of any waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, receipt of financing and other customary conditions.

Active Network is a San Diego-based provider of cloud-based activity and participant management solutions.

© 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.