Right after struggling for weeks to woo buyers for any proposed public supplying, Misys scrapped strategies to relist over the LSE, blaming shaky market circumstances and incorporating to a run of aborted floatations in latest weeks.
The loan, split in between a $400 million phrase loan B, a €537 million TLB, a $300 million phrase loan A plus a US$200m revolving credit facility, was dependant within the IPO taking place.
Misys will now revert to its current capital framework, the sources said.
The brand new financing closed and allocated to the secondary loan markets earlier this month following a successful syndication, in which pricing was tightened immediately after strong investor demand.
Deutsche Bank was lead left and Credit Suisse served as joint coordinator. Financial institution of America Merrill Lynch, Barclays, Goldman Sachs, JP Morgan and Morgan Stanley had been joint bookrunners.
Owners Vista Equity Partners will now go back for the drawing board to take into account future possibilities.
Individuals could contain a dividend recapitalization, where existing debt is refinanced and elevated to supply to get a dividend payment, or some M&A activity including searching for bolt-on acquisitions, the sources explained.
“Vista will obviously be disappointed right now. They will be sitting down to talk and considering plan B. A dividend recap is the obvious option and the loan market place would be there for them,” one of your sources mentioned.
The company, owned by Vista Equity Partners, last tapped the loan market in November 2013, when it raised a $140 million add-on TLB along with a €50 million TLB. That followed a repricing in August 2013 of its $16 million revolving credit score A, a repriced $84 million revolving credit B, a $921.55 million TLB and also a €140 million TLB.
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