Qorval Acts as Financial Advisor to Allen Systems Group in Obtaining $355 Million Credit Facility
Qorval Acts as Financial Advisor to Allen Systems Group in Obtaining $355 Million Credit Facility
October 20, 2009
Allen Systems Group, Inc, (ASG Software Solutions) the originator of ASG's Business Service Portfolio™ (BSP™) and a worldwide leader in enterprise infrastructure management and information management solutions announced that it has closed on a new senior secured credit facility for an aggregate amount of $355 million.
Along with Qorval as financial advisor to the company, BofA Merrill Lynch was the sole lead arranger and Bank of America, N.A. acted as Administrative agent.
The facility consists of a $10 million revolver with a term of three years, a $255 million first-lien term loan with a term of four years and a $95 million second-lien term loan with a term of four-and-one-half years. The facility has customary covenants and a variable interest rate benchmarked to standard market indices.
"Being a part of the tremendous organization Art Allen has built servicing the software industry was a privilege," said James R. Malone, Managing Partner of Qorval, LLC. "We are proud of the outcome for the company."