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Mercury Systems Secures Financing for $300 Million Acquisition of the Embedded Security, RF and Microwave, and Custom Microelectronics Businesses from Microsemi Corporation

Practices: Finance

Ropes & Gray served as legal advisor to Mercury Systems, Inc. for the debt financing in connection with its acquisition of the embedded security, radio frequency (RF) and microwave, and custom microelectronics businesses from Microsemi Corporation. The acquisition was completed on May 2.

Mercury acquired these businesses for a total purchase price of $300 million, subject to adjustment for certain working capital items. The acquisition and associated transaction expenses were funded with a combination of a new $200 million senior secured term loan A facility and cash on hand, including approximately $94 million from Mercury’s recent underwritten public offering. In addition to the term loan, Mercury has also put in place a new $100 million senior secured revolving credit facility which remains undrawn.

Headquartered in Chelmsford, Mass., Mercury is a leading commercial provider of secure processing subsystems designed and made in the U.S.A.

The Ropes & Gray finance team included finance associate Dan Coyne (Boston), and corporate associates Andrew Hogan (Boston) and Hanah Kim (New York).

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