The buyout of Ceridian Corp. by Thomas H. Lee Partners LP and Fidelity National Financial Inc. has met the last of its conditions. Ceridian said last week it has all of the state approvals for the transfer of licenses for its Comdata unit's payroll and check-processing business. The merger agreement provided that those approvals could be waived by the buyer, but their receipt triggers a three-day closing requirement pending the run of a 30-consecutive-business-day debt-marketing period. The debt should be sold by the end of October, and the marketing period appears to be running. The deal includes debt commitments from Deutsche Bank AG and Credit Suisse Group for $3.4 billion, less a $300 million revolver that cannot be drawn at closing, senior secured credit facilities of a $2 billion term loan and senior notes issued through Rule 144A. The buyer can also place $400 million of senior subordinated notes in a public offering draw on a bridge facility. The sponsors have committed $1.8 million in equity for the $5.5 billion deal. —
Scott Stuart See earlier story from TheDeal.com about the spread on Ceridian proving puzzling
See earlier story from TheDeal.com on Ceridian buyout
Bain Capital LLC closed its $2.2 billion acquisition of Guitar Center Inc. Oct. 9. The deal involved debt commitments from J.P. Morgan Chase & Co. for $1.81 billion, broken down into a $735 million asset-based revolver, a senior secured loan of $800 million, a senior bridge facility of $300 million and a subordinated bridge of $340 million. Bain provided $605 million in equity. — Scott Stuart
See Guitar Center press release on the deal's close
See earlier story from TheDeal.com about the deal being in doubt
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