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Details, timing surface on Telcordia $620 million credit facility
By Sara Rosenberg
New York, Feb. 14 - Telcordia Technologies Inc.'s leveraged buyout credit facility received size, structure and timing information, as a bank meeting has been scheduled for Wednesday to launch the $620 million deal, according to a market source.
JPMorgan, Bear Stearns, Deutsche and Lehman are lead banks on the deal, with JPMorgan acting as left lead.
The facility consists of a $100 million revolving credit facility and a $520 million term loan B, the source said.
Proceeds will be used to help fund the LBO of the company by Providence Equity Partners and Warburg Pincus for $1.35 billion in cash.
Telcordia is a Piscataway, N.J., provider of telecommunications software and services for IP, wireline, wireless and cable.
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