Yorkshire backs Misys refinancing

THE Manchester-based corporate team at Yorkshire Bank backed listed software group Misys in a £210m refinancing deal.

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.

Yorkshire, the only bank outside of London involved,  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: “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.”

In the year ending May 2008 Mysys achieved a turnover of £492m and an operating profit of £81m, up 37%.