HOV completes merger with SourceCorp; gets $625m funding

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HOV completes merger with SourceCorp; gets $625m funding

HOV Services Ltd said on Monday it has completed merger of its indirect subsidiary HOV Services LLC with SourceCorp.

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HOV Services  said on Monday it has completed merger of its indirect subsidiary HOV Services LLC with SourceCorp.

The new name of the combined company will be SourceHOV, it said in a press release.

SourceHOV has secured financing from a consortium of global banks led by UBS Investment Bank, Credit Suisse and Jefferies, worth USD 625 million to refinance each company's existing debt and for working capital for growth, it added.

Morgan Stanley & Co acted as global financial advisor to HOVS with Willkie Farr & Gallagher as international legal counsel and Ernst and Young as financial consultants.