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NEW YORK - Misys Group PLC said Monday it has secured new funding to complete its buyout of clinical software provider Allscripts Healthcare Solutions Inc.
Misys said it has signed agreements to borrow $325 million to support the $330 million deal, which will give the company a 54.5 percent stake in Chicago-based Allscripts. The software company will borrow $175 million from its largest shareholder, ValueAct Capital, and $150 million from a revolving credit facility from HSBC Bank PLC, the Governor and Company of the Bank of Ireland and the Royal Bank of Scotland PLC.
The new credit facilities replace Misys' credit facility with Lehman Brothers Holdings Inc. Lehman filed for bankruptcy protection earlier this month.
The credit from ValueAct has a term of 20 months, and the facility from the banks has a term of 18 months.
The deal was announced in March and is expected to close in the third quarter. The combined company will merge Allscripts with Misys' health care unit, and will be called Allscripts-Misys Healthcare Solutions Inc.
In morning trading, Allscripts shares gained 14 cents to $12.61.
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