SS&C Technologies Holdings Inc., flush from a recent second stock offering, is using some of the proceeds to cut in half the Windsor financial software and services vendor’s outstanding long-term debt.
SS&C has sent redemption notices to holders of its 11 ¾ percent senior subordinated notes due 2013, offering them an additional $29.375 in accrued and unpaid interest for each $1,000 face value of notes they redeem.
The company says it will buy up to $66.63 million of the debt, leaving it with an equal amount outstanding.
The early redemption will cut about $7.5 million from SS&C’s annual interest payments on the debt issued in late 2005, said Chief Financial Officer Patrick Pedonti.
Pedonti said the note redemption is being financed half with proceeds from its early February public offering of as many as 3.1 million shares of common stock and the rest from available cash.
Wells Fargo Bank is trustee for the notes. Â
