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Shearman & Sterling Advises BUSA Acquisition Co. in the Purchase of BankCard USA
BUSA Acquisition, owned by a consortium comprised of BankCard's senior management team and certain other industry experts, entered into a definitive share purchase agreement on March 27, 2024, with Quisitive.
Financing for the transaction is being provided by WhiteHorse Capital Management, LLC, in the form of a $44 million senior secured term loan facility to fund a portion of the acquisition price, and a $5 million senior secured revolving credit facility for ongoing working capital and other corporate needs, all pursuant to a loan and security agreement entered into on March 27, 2024 by WhiteHorse, BUSA Acquisition and its parent company, BUSA Holdings Corp.
The transaction was announced on March 27, 2024 in a press release.
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