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Syniverse to issue $369.55 million 9 1/8% notes due 2022 in exchange
By Susanna Moon
Chicago, Jan. 9 – Syniverse Holdings, Inc. received tenders for $433,507,000, or 91.26%, of its $475 million outstanding 9 1/8% senior notes due 2019 in the exchange that ran until midnight ET on Jan. 6.
As announced Dec. 9, the company was offering to exchange up to $364 million of the 9 1/8% notes.
Syniverse will accept for exchange $369,547,000 of the tendered notes and issue $369,547,000 principal amount of its 9 1/8% senior notes due 2022, according to a company update.
The tender tally remains unchanged as of the early deadline at 5 p.m. ET on Dec. 21.
In the exchange, Syniverse Foreign Holdings Corp., an indirect wholly owned subsidiary of the company, will issue the new 9 1/8% notes for each $1,000 principal amount of notes tendered by the early participation date.
The early exchange value contains a premium of $50 principal amount per $1,000 of notes.
The company also will pay accrued interest to but excluding the settlement date in cash.
The offer was being made to qualified institutional buyers under Rule 144A, those who are not U.S. persons under Rule 902 and to accredited investors under Rule 501.
The company previously said that notes tendered for exchange by the early deadline would be given priority over those tendered for exchange after the early deadline. The company previously also said that if the offer was oversubscribed by the early deadline, the company would not accept any notes tendered for exchange afterward.
D.F. King & Co., Inc. (800 628-8528, 212 269-5550 or dfking.com/Syniverse) is the information and exchange agent.
Syniverse is a Tampa, Fla.-based provider of technology and business services for the telecommunications industry.
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