Misys Gets Funds for Allscripts Deal

September 29, 2008

London-based Misys plc has obtained commitments for $325 million in funding to close the merger of Raleigh, N.C.-based Misys Healthcare Systems and Allscripts LLC, Chicago.

The financing will replace funds Misys expected to receive from Lehman Brothers before it filed for bankruptcy protection. Misys will pay the money to Allscripts, which will disburse it to shareholders as a special dividend.

Under the new financing arrangement, Misys will receive a $150 million revolving credit facility for a term of 18 months from HSBC Bank plc, the Governor and Company of the Bank of Ireland, and the Royal Bank of Scotland plc. Misys further will receive a subordinated credit facility of $175 million with a term of 20 months from ValueAct Capital, which is its largest shareholder.

Misys may prepay the loans at any time without penalty. The company already has initiated a process to refinance these debts. Misys and Allscripts shareholders are expected on Oct. 6 to vote on the merger.

More information is available at misys.com and allscripts.com.

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