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Hexagon Plans Bond Sale to Retire Intergraph Acquisition Loans

Hexagon AB, the world’s biggest maker of measuring instruments, plans to sell bonds to refinance part of the loans used to fund the acquisition of U.S. software provider Intergraph Corp.

“Our plan is to issue bonds with tenors somewhere between three and seven years,” Robert Belkic, group treasurer at the Stockholm-based company said today in a telephone interview.

Hexagon’s lenders closed senior syndication of $2.13 billion of term loans today, including a $375 million bond bridge facility. The timing of the bond issue will “depend on market conditions,” Belkic said.

The bond bridge is available for a year and can be extended by another year, underwriters Credit Agricole CIB and SEB AB said today in a statement. Hexagon also got 750 million euros of five-year revolving credit and a 250 million-euro five-year term loan to refinance debt signed in June 2006.

The company plans to raise $850 million from a share sale to help refinance some of the debt after it completes the purchase. Hexagon said on July 7 it agreed to buy Huntsville, Alabama-based Intergraph for $2.13 billion to add software that helps companies visualize complex data and design factories, ships and oil rigs.

Commerzbank AG, Danske Bank, DnB NOR Bank ASA, Svenska Handelsbanken AB, ING Groep NV, Nordea Bank AB, Swedbank AB, and BNP Paribas SA have joined the loans, according to today’s statement.

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