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Funding Replaced for Allscripts-Misys Merger

September 29, 2008
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Misys has issued a statement that it has sufficient funding commitments in place to finance its proposed purchase of shares of Chicago-based Allscripts common stock as part of a series of transactions that includes the merger of Misys Healthcare Systems, LLC (Raleigh, N.C.) with a subsidiary of Allscripts.

According to Misys, it has signed definitive agreements for $325 million of financing to replace its credit facility with Lehman Brothers, and will use the new credit facilities to fund a portion of the consideration for the proposed purchase of shares of common stock of Allscripts.

The new financing will be provided by two sources, says the company: a $150 million revolving credit facility will be provided for a term of 18 months by a lending group comprising HSBC Bank plc, the Governor and Company of the Bank of Ireland, and The Royal Bank of Scotland plc; and the remaining $175 million financing will be provided by ValueAct Capital, Misys’s largest shareholder, under a subordinated credit facility for a term of 20 months.

Misys also confirmed that the $150 million of proceeds from Misys’ equity offering in March 2008, which was underwritten by ValueAct Capital, remains in place.

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