October 6, 2016 / 6:21 AM / a year ago

BRIEF-Misys Group says IPO to raise 500 mln stg in LSE

Oct 6 (Reuters) - Misys Group Limited:

* Intention to float on the London Stock Exchange

* Announces its intention to proceed with an initial public offering

* Is targeting initial leverage immediately following IPO of c.3.5x LTM unaudited EBITDA, assuming group raises primary proceeds of approximately 500 mln stg through IPO

* Is expected that primary proceeds of offer, in conjunction with new debt facilities, will primarily be used to repay all amounts outstanding under group’s existing external debt

* Offer will be made by way of a private placement to institutional investors in UK and internationally, in U.S. to QIBS

* It is expected that admission will occur in early November 2016

* Immediately following admission, company expects to have a free float of at least 25 pct of its issued share capital

* In addition, offer may include a partial sale of shares held by Tahoe Holdco Cayman Ltd

* Develops and licences proprietary software to banks and investment management firms

* Has arranged with a syndicate of banks to put in place new bank facilities at IPO comprising term loans and revolving credit facilities

* Goldman Sachs, BofA Merrill Lynch and J.P. Morgan Cazenove are acting as joint sponsors, joint global co-ordinators and joint bookrunners

Source text for Eikon: (Bengaluru Newsroom)

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