Misys Gets Allscripts Merger Funding
Misys PLC announced this morning that it has signed agreements to obtain the $325 million it needs to fund its proposed merger with Allscripts. A group consisting of HSBC Bank, Bank of Ireland, and Royal Bank of Scotland will provide $150 million as a revolving credit facility over 18 months, while ValueAct Capital will provide $175 million under a subordinated credit facility over 20 months.
A revolving credit facility provides funds that the borrow can draw down and pay at its discretion over the specified time period. A subordinated loan is repayable after all other debt has been satisfied and is therefore riskier to the lender.
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