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