Syniverse launches $1.03 billion term loan at SOFR plus 500-525 bps

By Sara Rosenberg

New York, April 25 – Syniverse Holdings LLC launched on Monday its $1.025 billion seven-year term loan (B3) with price talk of SOFR plus 500 basis points to 525 bps with a 0.5% floor and an original issue discount of 97, according to a market source.

The term loan has an ESG step-down of 7.5 bps subject to outlined KPI. The spread steps back up by 7.5 bps if the company fails to meet the KPI metric, the source said.

Also included in the term loan is 101 soft call protection for six months.

The term loan does not have a credit spread adjustment.

Barclays, Goldman Sachs Bank USA, Mizuho, BofA Securities Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., BNP Paribas Securities Corp. and Societe Generale are the joint bookrunners on the deal. Barclays is the administrative agent.

Commitments are due at noon ET on May 5, the source added.

Proceeds will be used with preferred equity and an equity investment from Twilio Inc. to refinance the company’s existing capital structure.

Twilio, a cloud communications platform, has agreed to invest up to $750 million in Syniverse.

The Carlyle Group will maintain its majority interest in Syniverse.

Closing is expected in Syniverse’s fiscal second-quarter 2022.

Syniverse is a Tampa, Fla.-based provider of technology and business services for the telecommunications industry.

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