Aptean In Debt Financing Deal With Peach Funding For Sanderson Deal

(Alliance News) - Sanderson Group PLC's buyers Aptean Ltd on Thursday said it secured debt ...

Alliance News 22 August, 2019 | 6:27PM
Email Form

(Alliance News) - Sanderson Group PLC's buyers Aptean Ltd on Thursday said it secured debt financing from lenders Peach Funding Corp.

Retail and manufacturing software developer Sanderson agreed to the GBP90.1 million takeover earlier in August.

Aptean, also known as Aptean Bidco, will be issued a loan from Peach Funding with Macquarie Capital Inc as the joint bookrunner.

Aptean valued Sanderson's shares at 140.00 pence each, which was a 9.8% premium to its closing share price on July 31, the day before the acquisition was announced.

The acquisition will be effected by means of a court-sanctioned scheme of arrangement. Aptean Bidco has received irrevocable undertakings to vote in favour of the scheme in respect of 25.3 million Sanderson shares, or around 39.3% of the share capital of Sanderson.

Shares in Sanderson closed 1.1% lower at 138.53 pence each in London on Thursday.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Sanderson Group PLC

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation

By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites