$SSNC · SS&C Technologies Holdings Inc
SS&C completed its upsized $1.2B offering of 2.75% Convertible Senior Notes due 2031, including the full $150M initial purchasers' option. Net proceeds were ~$1,176.0M, with $112.8M used for capped call transactions and ~$100.0M for concurrent share repurchases. The remainder, plus $240M of Incremental Term A-9 Loans, $750M of Incremental Term B-8 Loans, and a $400M revolving upsize, will redeem all $2.0B of 5.500% Senior Notes due 2027.
- Notes carry 2.75% cash interest, maturing December 1, 2031, with initial conversion price of ~$99.46 (25% premium).
- Initial conversion rate is 10.0540 shares per $1,000 principal, or 12,064,800 shares underlying the notes.
- Capped call cap price is ~$139.25 per share, a 75% premium over the $79.57 reference price.
- Borrower added $240M Term A-9, $750M Term B-8, and $400M revolving commitments.
- Proceeds redeem all $2.0B of 5.500% Senior Notes due 2027 maturing September 30, 2027.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
SS&C is refinancing higher-cost 5.5% debt with 2.75% convertibles and cheaper term loans, extending maturities while managing dilution risk.
_Not applicable._
The notes are senior unsecured obligations and conversion could dilute common stock up to 15,081,000 shares in limited circumstances, partially offset by capped calls.