SS&C Technologies Falls As It Launches Sale of Up to $1.25 Bln of Its Own Shares

SS&C Technologies (SSNC) fell nearly 2% at the open of trading in New York on Tuesday after the company started an underwritten public offering of up to $1.25 billion of its shares, subject to market conditions to raise funds for its pending acquisition of DST Systems.

SS&C intends to grant the underwriters a 30-day option to purchase up to an additional $187.5 million of its shares for sale in the offering, it said on Tuesday.

The company plans to use approximately $728 million of the net proceeds of this offering, together with the proceeds from debt financing transactions for paying for DST Systems.

It intends to use the remaining net proceeds for general corporate purposes, which may include the repayment of indebtedness or to fund future acquisitions.

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