Mavenir Systems launches $550 million loan at Libor plus 525-550 bps

By Sara Rosenberg

New York, April 13 – Mavenir Systems launched on Friday its $550 million seven-year first-lien term loan B with price talk of Libor plus 525 basis points to 550 bps with a 1% Libor floor and an original issue discount of 99, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

The company’s $610 million of credit facilities (B2/B-) also include a $60 million revolver.

Goldman Sachs Bank USA, J.P. Morgan Securities LLC, RBC Capital Markets and Deutsche Bank Securities Inc. are the leads on the deal.

Commitments are due on April 25, the source added.

Proceeds will be used to refinance existing debt.

Mavenir Systems is a provider of mission-critical network infrastructure software to mobile network operators.

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