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Yorkshire Bank backs £210m software finance deal


Software group Misys plc has undergone a £210m refinancing with support from Yorkshire Bank’s corporate team in Manchester.

The funding, which includes a £80m loan and a £130m revolving credit facility, will be used to repay existing debt and provide working capital. London-based Misys provides software and services to the financial and healthcare sectors and serves clients in 120 countries.

The company, which is listed on the London Stock Exchange, launched a turnaround plan in 2007 to diversify the business and attract new sources of revenue.  In the year ending May 2008 it achieved a turnover of £492m and an operating profit of £81m, up 37 per cent on the previous year.

Yorkshire, the only bank outside of London to be participating, joined forces with Barclays Capital, HSBC Bank, Royal Bank of Scotland and KFW IPEX-Bank to provide the three-year facility.

Kevin Rimmer, corporate director with Yorkshire Bank in Manchester said: “Yorkshire Bank is delighted to support Misys in the refinancing of its existing debt facilities. The deal highlights the strength of the Misys business model and its strong recurring revenue base as well as highlighting the increasingly active role that Yorkshire Bank is playing in supporting corporate deals of this type.

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