Heartland wraps up 375M deal for higher-ed solutions company

Eric Strauss//September 5, 2014

Heartland Payment Systems announced Thursday that it has completed its purchase of education solutions provider TouchNet Information Systems, Inc.The $375 million deal gives Heartland an additional 600 higher education clients serving more than 6 million students, the company said in a news release.

RELATED: Payment processor pays $375M for higher ed provider

Heartland said the purchase was funded primarily with a new five-year, $375 million secured term loan, which was part of a new credit facility that closed simultaneously with the acquisition. The facility also included a secured $400 million revolving credit line.

Lead arrangers for the credit facility were Bank of America Merrill Lynch, BMO Capital Markets Corp. and SunTrust Robinson Humphrey, Inc.

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