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Premiere Global to launch $700 million credit facility on Thursday
By Sara Rosenberg
New York, Nov. 3 – Premiere Global Services Inc. is scheduled to hold a bank meeting at 10 a.m. ET on Thursday to launch its proposed $700 million senior secured credit facility, according to a market source.
Barclays, SunTrust Robinson Humphrey Inc. and Macquarie Capital (USA) Inc. are the bookrunners on the debt.
The facility consists of a $50 million five-year revolver, a $500 million seven-year first-lien term loan and a $150 million eight-year second-lien term loan, the source said.
Proceeds will be used to help fund the buyout of the company by Siris Capital Group LLC for $14.00 per share in cash. The transaction is valued at about $1 billion.
Other funds for the transaction will come from $400 million in equity.
Closing is subject to customary conditions, including the receipt of shareholder approval, the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other foreign antitrust regulatory approvals, as necessary. The transaction is not subject to any financing condition.
Premiere Global is an Atlanta-based provider of collaboration software and services.
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