Bloomberg News

MYOB Buyout Loan Syndication Said Likely to Complete Next Week

October 14, 2011

Oct. 14 (Bloomberg) -- The A$575 million ($586 million) acquisition loan backing Bain Capital LLC’s purchase of MYOB Ltd. is expected to be completed next week after banks join in general syndication, according to a person familiar with the matter.

The facility pays general syndication all-in rates that include margin and fees of about 475 basis points to 490 basis points over the bank bill swap rate, said a second person familiar with the matter.

Deutsche Bank AG, HSBC Holding Plc, Morgan Stanley, Nomura Holdings Inc. and UBS AG were hired by Boston-based Bain to arrange and underwrite the facility. Australia & New Zealand Banking Group Ltd., Credit Agricole CIB, Lloyds Banking Group Plc, Natixis, Macquarie Group Ltd., National Australia Bank Ltd. and Westpac Banking Corp. joined the loan prior to general syndication. Senior lenders funded the deal in September, one of the people said today.

Bain is buying a majority stake in Melbourne-based business management software-maker MYOB from buyout firms Archer Capital and HarbourVest Partners LLC, the companies said in an e-mailed statement Aug. 21.

--Editors: Edward Johnson, Shelley Smith

To contact the reporter on this story: Sarah McDonald in Sydney at smcdonald23@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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