| LONDON, March 13
LONDON, March 13 Banks have underwritten around
US$6bn of debt financing to back investment firm Vista Equity
Partners’ acquisition of Canadian fintech DH Corp and
the refinancing of existing debt as it combines DH with
portfolio company UK financial software provider Misys, banking
Vista said on Monday it would buy DH for C$4.8bn and combine
it with Misys, which abandoned plans to list on the London stock
market in October 2016, blaming shaky market conditions. Since
then, Vista has been considering alternative plans for Misys.
Barclays, Citigroup and Morgan Stanley were financial
advisers to Vista on the deal and are leading the debt
financing, which is expected to launch for syndication to
institutional investors this month, the sources said.
Some US$6bn of debt could include around US$4bn of senior
debt financing and around US$2bn of subordinated debt financing,
the sources said.
The financing will be mainly denominated in dollars and
include some euros and could comprise solely of loans or loans
and bonds, the sources said.
Vista was not immediately available to comment.
A US$1.5bn financing for Misys fell away last October after
pulling the plug on its floatation.
Prior to that, Misys last tapped the loan market in November
2013, when it raised a US$140m add-on TLB and a €50m TLB. That
followed a repricing in August 2013 of its US$16m revolving
credit A, a repriced US$84m revolving credit B, a US$921.55m TLB
and a €140m TLB.
Formerly Davis + Henderson Corp, DH has transformed itself
from a cheque printing company into a provider of payment and
lending services. Its customers include banks and credit unions.
DH has close to 8,000 customers, including Canada's five
biggest lenders and more than half of the world's 50 largest
(Additional reporting by Hannah Brenton; Editing by Christopher