Ultimate Software plans new loan for buyout by Hellman & Friedman

By Sara Rosenberg

New York, Feb. 4 – Ultimate Software Group Inc. plans on getting new loan financing to help fund its acquisition by an investor group led by Hellman & Friedman, according to a market source.

Credit Suisse Securities (USA) LLC is the left lead on the debt.

Other funds for the transaction will come from equity.

Under the agreement, Ultimate Software is being bought for $331.50 per share in cash, representing an aggregate value of about $11 billion.

The Hellman & Friedman-led investor group includes Blackstone, GIC, Canada Pension Plan Investment Board and JMI equity.

Closing is expected in mid-2019, subject to stockholder approval, regulatory approvals and other customary conditions.

There is a 50-day “go-shop” period.

Ultimate Software is a Weston, Fla.-based provider of human capital management solutions in the cloud.

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