Lehman Brothers landed the lead spot on a $550 million deal for Infor Global Solutions after aggressively working to meet deadlines. The loan will refinance the company's debt and fund its acquisition of software provider MAPICS. "We have been cultivating relationships with a number of banks," Scott Meyerhoff, Infor's cfo said. "Lehman was the best to work with and the most aggressive at working through a short timeline to secure this facility."
The facility consists of a $50 million revolver, $200 million second-lien loan and a $300 million first-lien loan. Wells Fargo Foothill is the syndication agent on the deal. A current debt facility will be rolled into one facility that accommodates the MAPICS transaction that will be redone at different rates. Pricing has not been disclosed.
Formerly known as Agilisys, Infor changed its name Sept. 1. The Alpharetta, Ga.-based company sells enterprise resource planning and supply chain solutions to companies. Clients include Heinz, Coca-Cola Enterprises, Godiva and GlaxoSmithKline.
The $347 million purchase of MAPICS gives the company the size and scale to become a "dominant player in the market," Meyerhoff said. Along with the loan, the acquisition will also be financed with equity provided by Golden Gate Capital and Summit Partners. Golden Gate has been involved in the company since its inception in June 2002. Summit became an investor through an acquisition later on.
MAPICS also recently purchased Lilly Software and Mercia Software. "This is part of the overall strategy of the company, to go ahead and establish itself as a significant player in the vertical markets that we serve," Meyerhoff said. "We are a discriminator acquirer; generally [an acquisition] needs to fall within our strategy. We are not financial buyers necessarily, we are strategic buyers." The transaction will close around April. Lehman and Wachovia Securities are advising Infor on the deal and SunTrust Robinson Humphrey is advising MAPICS