LONDON (Reuters) – Silver Lake on Tuesday raised a 1 billion euro ($1.10 billion) seven-year loan to fund its takeover of Germany’s Software AG, according to a term sheet seen by Reuters.
The loan is split between 640 million euros and $405 million, paying a margin of 475 basis points over the benchmark rate, the term sheet added.
On July 20, the U.S. private equity firm announced it had secured a 84.29% stake in Software AG, subject to closing of the tender offer, adding that the transaction was expected to close in the fourth quarter pending regulatory approvals.
Software AG shares were last up 0.3% on the day in Frankfurt. They have fallen by 13% since hitting a multi-month high after Silver Lake’s offer in April this year.
(Reporting by Chiara Elisei; Editing by Amanda Cooper)