Misys (MSY.L) today 27 May 2009 announces the signing of a new 3-year bank facility from a lending group of five banks.
The facility, for a total of £210 million, comprises an £80 million term loan and a £130 million multi-currency revolving credit facility, at a margin range of between 2.5% and 3.5% above the interbank offered rate. The new facility, together with cash generated from operations, will repay in full the current debt drawn under Misys' previous $150 million bank revolving credit facility and $190 million ValueAct Capital subordinated loan facility. The previous bank credit facility and ValueAct subordinated loan were entered into in connection with the merger to create Allscripts-Misys Healthcare Solutions, Inc. The new facility will be used for general corporate purposes and will provide future financial flexibility.
The new facility has been arranged by Barclays Capital, HSBC Bank plc, The Royal Bank of Scotland plc, Yorkshire Bank and KFW IPEX-Bank GMBH. The Royal Bank of Scotland plc acted as co-ordinating agents for the transaction.
James Gelly, EVP & CFO said: "I am pleased to announce this refinancing well ahead of the maturity of the existing lending arrangements and to welcome three new banks to the lending group. This is a positive endorsement of the Misys turnaround, the strength of our business model and strong recurring revenue base."
Misys plc preliminary results are expected to be announced in late July 2009.