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Evertec Seeks $625 Million in Loans to Finance Buyout by Black's Apollo

Evertec Inc., the processing unit of bank holding company Popular Inc., seeks as much as $625 million in loans to finance its acquisition by Apollo Management LP.

Bank of America Corp. and Morgan Stanley agreed to arrange senior secured debt consisting of a $350 million term loan and a $50 million revolving credit line, Hato Rey, Puerto Rico-based Popular said yesterday in a regulatory filing. The banks also agreed to a $225 million senior unsecured bridge loan.

Funds affiliated with Leon Black’s Apollo will acquire a 51 percent stake in Evertec in a transaction valued at about $900 million, Popular said in a July 1 statement. The New York-based asset manager will invest $165.8 million in equity in the joint venture, according to the filing.

The transaction is expected to be completed during the third quarter, the filing shows.

To contact the reporter on this story: Emre Peker in New York at epeker2@bloomberg.net.

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