FactSet to fund Portware acquisition with revolving credit facility

By Alyssa Stahr

Chicago, Sept. 22 – FactSet Research Systems Inc. has acquired Portware, LLC for cash consideration of $265 million, funding the acquisition of issued and outstanding membership interests with an expansion of its existing revolving credit facility, according to a Tuesday press release.

The acquisition is expected to close before the end of the first fiscal quarter.

In connection with the acquisition, FactSet entered into the second amendment to its credit agreement with Bank of America, NA, according to a form 8-K filed Tuesday with the Securities and Exchange Commission.

The amendments include:

• Borrowings bear interest at a rate of Libor plus 75 basis points;

• The commitment will increase $35 million to $300 million on the closing date of the acquisition;

• The maturity date on all outstanding loan amounts is Sept. 21, 2018;

• FactSet may arrange for additional borrowings to bring the total to $400 million.

FactSet is a Norwalk, Conn.-based provider of financial information and analytics.

New York-based Portware is a developer of broker-neutral, automated trading solutions for global equities, futures, options and FX.

© 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.