Advent Software, a leading provider of software and services for the global investment management industry, announced a one-time special cash dividend of $9 per share totaling approximately $470 million. The special dividend will be financed with cash on hand and proceeds from Advent's recently closed $425 million senior credit facility.

The senior credit facility is composed of a $225 million term loan facility and a $200 million revolving credit facility. The new term loan has repayments of $5 million per quarter and the remaining balance will mature in June 2018. Interest on the term loan and any revolving loan initially accrues at LIBOR + 225 basis points. Beginning in the fourth quarter of 2013, the LIBOR spread can be reduced to the extent Advent's leverage ratio decreases. The revolving credit facility will also mature in June 2018. Advent may prepay the term loans and revolving loans at any time without penalty. Prior to replacing Advent's current facility with this new senior credit facility, Advent repaid in full the outstanding loans under its existing credit facility. J.P. Morgan Securities LLC and BofA Merrill Lynch acted as Joint Lead Arrangers and Joint Bookrunners for the senior credit facility.

"We have worked hard to build a business with healthy and predictable cash flows so that we can deliver value to our shareholders while making the investments that will continue to benefit our clients. With our large client base and predictable business model, we can both service this debt and execute on our strategy to eliminate boundaries between systems, information and people," said Pete Hess, Advent's CEO and President. "Advent's Board believes we can best maximize shareholder value by taking advantage of the favorable liquidity and flexibility of current debt capital markets with a recapitalization of our balance sheet, which allows us to return capital to shareholders and enable them to continue to participate in Advent's future performance."