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BREAKING NEWS / URGENT: The State Supreme Court upholds Act 10, Voter ID, and the state's domestic partnership registry

MADISON, Wis (WSAU)  - The Wisconsin State Supreme Court upheld Act 10, the state law that limits the collective bargaining rights of state employees. The law from three years ago sparked protests at the state capital and led to the recall attempt against Governor Scott Walker. The court's ruling in favor of Act 10 was 5-2. Justice Michael Gableman wrote the lead opinion, which was also signed by Justices David Prosser, Pat Roggensack and Annette Ziegler. Justice Patrick Crooks concurre...

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RLPC-TeamViewer buyout backed with $605 mln-equivalent loan

By Claire Ruckin

LONDON (Reuters) - Private equity firm Permira’s acquisition of German software firm TeamViewer will be backed with $605 million-equivalent of leveraged loans, banking sources said on Monday.

Permira announced the acquisition of TeamViewer from GFI Software last month and Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank and Nomura have lined up debt to back the buyout.

The dual-currency debt financing was showcased to investors on Monday and includes a $35 million revolving credit, $310 million first lien term loan, 100 million euro ($136.15 million) first lien term loan and a $125 million second lien term loan, the banking sources said.

The first lien is guided to pay between 450bp-475bp over Libor on the dollars and 475bp-500bp over Euribor on the euros. Both are offered with 99 original issue discount and a 1 percent Libor/Euribor floor, which guarantees minimum returns for investors.

“The pricing is higher than other credits in the market at the moment as the deal is not an easy one,” one of the banking sources said.

A second banking source added a key issue with the company was security and the issues that could occur in the event of a breach.

Founded in 2005, TeamViewer provides Online Meetings and secure remote support software to 130 million active users across more than 100 countries. It has a track record of double digit revenue growth driven by the ongoing shift to mobile working, the increase in IT support outsourcing and the proliferation of devices, according to Permira’s website.

($1 = 0.7345 Euros)

(Editing by Christopher Mangham)

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