Posts Tagged ‘Lawson’

Lawson Software Announces Termination of Offer to Purchase and Amendment of Indenture Governing Its 11.5% Senior Notes Due 2018

March 30th, 2012

Lawson Software, Inc. (the “Company”) today announced that it has terminated its previously announced change of control notice and offer to purchase (the “Offer”) in connection with its outstanding 11.5% Senior Notes due 2018 (the “Notes”), pursuant to the terms and conditions set forth in the Change of Control Notice, Offer to Purchase and Consent Solicitation Statement dated March 8, 2012, as supplemented (the “Statement”), and the accompanying Letter of Transmittal and Consent. As described in the Statement, the Company has terminated the Offer due to the receipt of requisite consents to effect the Proposed Amendments. None of the Notes were accepted or purchased in the Offer and as a result of the termination, all of the Notes previously tendered will be promptly returned to the holders thereof, and the purchase amount will not be paid to holders who have tendered their Notes.

In addition, on March 29, 2012, the Company and the trustee under the indenture (the “Indenture”) governing the Notes executed a supplemental indenture (the “Fourth Supplemental Indenture”) effecting certain proposed amendments (the “Proposed Amendments”) to the Indenture in connection with its previously announced consent solicitation (the “Consent Solicitation”) and receipt of requisite consents to amend the Indenture. The Fourth Supplemental Indenture is effective and, upon the payment of the consent fee equal to $3.75 per $1,000 principal amount of Notes consented, which will be paid to holders of Notes promptly after the satisfaction or waiver of the other conditions to the Consent Solicitation, including the consummation of the Infor Contribution (as defined in the Statement), will be operative and binding upon all holders of Notes, whether or not such holders have delivered consents. The Infor Contribution is expected to be consummated on April 5, 2012.

BofA Merrill Lynch served as the Solicitation Agent in connection with the Consent Solicitation. Questions may be directed to the Solicitation Agent by telephone at (888) 292-0070 (toll free) or (980) 388-3646 (collect). Wilmington Trust, National Association served as the Depositary and Paying Agent. Questions and requests for additional documents may be directed to the Depositary in writing at Wilmington Trust, National Association, c/o Wilmington Trust Company, Rodney Square North, 1100 North Market Street, Wilmington, DE 19890-1626, Attention: Sam Hamed, by telephone at (302) 636-6181 or by facsimile at (302) 636-4139.

This press release shall not constitute an offer to purchase, solicitation of consents or a solicitation of an offer to sell the Notes. The Offer and Consent Solicitation are made solely by means of the Statement and the accompanying Letter of Transmittal and Consent.


Lawson Software Sets Rate on $3.5 Billion of Merger Loans

March 22nd, 2012

Lawson Software Inc. (LWSN), a provider of business software being merged with Golden Gate Capital Corp.’s Infor Global Solutions, set the interest rate it will pay on $3.5 billion of loans it’s seeking to finance the combination, according to a person with knowledge of the transaction.

A $3.1 billion six-year term loan B will pay interest at 4.5 percentage points to 4.75 percentage points more than the London interbank offered rate, said the person, who declined to be identified because the terms are private. Libor, the rate banks say they can borrow in dollars from each other, will have a 1.25 percent minimum.
A $400 million 4.5-year B-1 piece will pay interest at 4 percentage points to 4.25 percentage points more than Libor, with a 1.25 percent minimum on the benchmark, the person said.

Both portions will be sold at 99 cents on the dollar, the person said, reducing proceeds for the company and boosting the yield to investors.

The term loan B and B-1 will offer lenders one-year soft- call protection of 101 cents, meaning the company would have to pay 1 cent more than face value to refinance the debt during the first year, the person said.

Bank of America Corp., Credit Suisse Group AG, JPMorgan Chase & Co., Morgan Stanley, Barclays, Deutsche Bank AG, Royal Bank of Canada and KKR Capital Markets are arranging the financing, and investors have until March 29 to submit commitments, according to the person. The deal is expected to close and fund in early April.

The Saint Paul, Minnesota-based company is also seeking a $150 million revolving line of credit maturing in five years, according to data compiled by Bloomberg.
San Francisco-based Golden Gate and Infor acquired Lawson for $1.82 billion in July, according to data compiled by Bloomberg.
A spokesman for Golden Gate was not available to comment.

In a revolving credit facility, money can be borrowed again once it’s repaid; in a term loan, it can’t. A term loan B is sold mainly to non-bank lenders such as collateralized loan obligations, bank loan mutual funds and hedge funds.


Lawson Updates Software for Healthcare Industry

March 14th, 2012

Lawson Software recently unveiled several software updates for its customers in the healthcare industry, including new releases of its Cloverleaf data integration engine and its Lawson Healthcare Revenue Management system.

Lawson, which is an affiliate of Infor, recently updated its Cloverleaf system with the goal of streamlining the integration of systems in clinical healthcare settings. Specifically, the vendor unveiled an enhanced version of its Cloverleaf Secure Courier (CSC), which is used to share patient data. The new release of CSC enables the core Cloverleaf engine to be installed remotely at hospitals and doctors’ offices.

The new release of Cloverleaf Global Monitor should do a better job of providing insight into how well Cloverleaf-powered information flows are operating in clinical environments. The software includes a new dashboard that will make it easier for administrators to verify data flows to specific applications or users, and also to create specific views of data for different users.

The St. Paul, Minnesota, vendor also unveiled a new release of Healthcare Revenue Management, which previously was called Lawson MediAR. The HRM application is designed to automate manual processes in the areas of claims management, processing remittances and denials, planning follow-ups, and generating collection statements, letters, and work queue “ticklers.”

The new HRM app uses Lawson’s Cloverleaf integration software to pull patient data into the system and to access other clinical registration or ADT (admission, diagnosis, and triage) systems, which Lawson says reduces administrative costs. The update also features a new customizable user interface that will increase productivity, Lawson says. It also supports ANSI x12 version 5010 electronic messaging, and gives hospitals the capability to switch between 4010 and 5010 formats.


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