SS&C Technologies has priced $2 billion of 8.5-year unsecured notes at the tight end of talk, sources said. The offering was upsized from $750 million, and marketed via joint bookrunners for the deal were Morgan Stanley, Credit Suisse, Citi, BAML, and Oppenheimer. Proceeds will be used to repay a portion of existing term loans under the company’s senior secured credit facilities. S&P Global Ratings views the transaction as leverage neutral. SS&C Technologies (Nasdaq: SSNC) provides software products and software-enabled services to financial services providers. Terms:
|Issue||Senior (144A/Reg S for life)|
|Maturity||Sept. 30, 2027|
|Call||non-call three (first call @ par +75% coupon)|
|Trade||March 14, 2019|
|Settle||March 28, 2019 (T+10)|
|Notes||Upsized frpm $750 million; up-to-40% equity claw @ 105.5 until March 30, 2022; make-whole @ T+50; change of control put @ 101|
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