CORPORATE FINANCE

Structured Finance

$75,500,000

BMC Software, Inc.
Houston, Texas
Sale of Software License
Receivables

The undersigned acted as the
Company's agent in multiple sales
of Receivables.

BMC Software, Inc.

BMC Software, Inc., a NYSE company and member of the S&P 500, is a worldwide developer and vendor of software for large enterprise computing environments. Most of the world's major companies use one or more of the Company's software packages.

Clients include manufacturers, financial and service providers, banks, insurance companies, educational institutions, hospitals and other customers needing systems availability 24 hours a day, 7 days a week.

This sale of receivables, many of which are as long as five years, was the first time software license receivables were used as acceptable collateral to conventional lending sources.