Simpson Thacher Represents SunGard Data Systems Inc. in $1.0 Billion Financing
The Firm recently represented SunGard Data Systems in connection with its issuance of $500 million of 10.625% Senior Notes due 2015 in a Rule 144A/Reg S offering and entrance into a $500 incremental term loan facility under its Credit Agreement. The transaction closed on September 29, 2008.
The proceeds of the offering and term loan facility are being used as follows: (i) approximately $629 million for the acquisition of 64.5% of the outstanding shares of GL TRADE, S.A., and to fund a tender offer to acquire the remaining shares of GL TRADE, (ii) approximately $250 million to repay its existing 3.75% senior secured notes due January 15, 2009 and (iii) the remainder for general corporate purposes.
The Simpson Thacher team for the transactions included Richard Fenyes, Ryan Bekkerus, Dov Gottlieb and Soo Chung (Securities), Jen Hobbs and Gregory Finkell (Credit), Jennifer Rackoff (IP) and Jonathan Cantor (Tax), with valuable assistance from paralegal David Nestler.