Contact Information: Contact: Patricia S. Colpitts Vice President, Corporate Communications ASG 512.560.4418 Pat.Colpitts@asg.com
Allen Systems Group (ASG) Obtains New Credit Facility
| Source: ASG Software Solutions
NAPLES, FL--(Marketwire - October 20, 2009) - Allen Systems Group, Inc., also known as ASG Software Solutions (ASG), the originator
of ASG's
Business Service Portfolio™ (BSP™) and a worldwide leader in
enterprise infrastructure management and information management solutions,
today announced that it has closed on a new senior secured credit facility
for an aggregate amount of $355.0 million. The facility consists of a $10.0
million revolver with a term of three years, a $255.0 million first-lien
term loan with a term of four years and a $95.0 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.
BofA Merrill Lynch acted as sole lead arranger and Bank of America,
N.A. acted as Administrative agent.
"This new facility is expected to increase our financial flexibility and
available liquidity, improve our working capital position and, at current
interest rates, provide lower borrowing costs to the company," said Ernest
J. Scheidemann, Executive Vice President and Chief Financial Officer, ASG.
ASG used the financing proceeds to repay its former credit facility with
the Bank of Montreal, in its entirety. The company will use any remaining
proceeds for general corporate purposes.
About ASG | www.asg.com
ASG provides software solutions to more than 85 percent of the world's
largest companies. Through its comprehensive Business Service Management
(BSM) solution, Business Service Portfolio™, ASG is an established BSM
provider with a strong heritage in metadata management; information
management; applications management; infrastructure, performance, and
operations management; and service and support technologies. ASG enables
clients to reduce costs, improve business-service delivery and reduce
risks. Founded in 1986, ASG is a privately-held company based in Naples,
Florida, USA, with more than 90 offices worldwide.
Forward-Looking Statements
This press release, together with other statements and information publicly
disseminated by Allen Systems Group, Inc. (the "Company"), contains certain
forward-looking statements. The Company intends such forward-looking
statements to be covered by the safe harbor provisions for forward-looking
statements contained in the Private Securities Litigation Reform Act of
1995. These statements may be identified by such forward-looking
terminology as "expect," "estimate," "plan," "intend," "believe,"
"anticipate," "may," "should," or similar statements or variations of such
terms. You should not rely on forward-looking statements since they involve
known and unknown risks, uncertainties and other factors that are, in some
cases, beyond the Company's control and which could materially affect
actual results, performances or achievements and may cause actual results
to differ materially from current expectations. Except as otherwise
required by the federal securities laws, the Company disclaims any
obligation or undertaking to publicly release any updates or revisions to
any forward-looking statement contained herein (or elsewhere) to reflect
any change in the Company's expectations with regard thereto or any change
in events, conditions or circumstances on which any such statement is
based.