Focus shifts to January, SunGard Public Administration, Optiv Security deals on deck

By Sara Rosenberg

New York, Dec. 23 – The loan market was quiet ahead of the upcoming holidays, but, looking ahead, there are already two deals slated to launch in the first week of January – SunGard Public Administration and Public Safety and Optiv Security Inc.

SunGard Public Administration is scheduled to hold a bank meeting in New York on Jan. 5 to launch a $435 million credit facility, according to a market source.

The facility consists of a $40 million revolver, a $275 million covenant-light first-lien term loan and a $120 million covenant-light second-lien term loan.

Antares Capital and Golub Capital are leading the deal that will be used to help fund the buyout of the company by Vista Equity Partners from Fidelity National Information Services.

The transaction does not include the Sungard Education business that is concurrently being acquired by Vista-owned PowerSchool Group LLC from Fidelity National.

Optiv on deck

Optiv Security will also hold a bank meeting on Jan. 5, at which point the company will launch a new credit facility that is being led by Jefferies Finance LLC.

The facility includes an ABL revolver, a covenant-light first-lien term loan and a covenant-light second-lien term loan, with tranche sizes not yet available, a market source previously told Prospect News.

Closing is expected in the first quarter of 2017, subject to customary conditions.

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