Syniverse Technologies launches $1.075 billion credit facility

By Sara Rosenberg

New York, April 9 - Syniverse Technologies held a conference call at 3 p.m. ET on Monday to launch a proposed $1.075 billion credit facility, according to market sources.

Barclays Capital Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are the lead banks on the deal.

The facility consists of a $150 million five-year revolver and a $925 million seven-year term loan B, sources said.

Price talk on the term loan B is Libor plus 350 basis points with a 1.25% Libor floor and an original issue discount of 991/2, sources remarked.

Commitments are due by the close of business on April 16, sources added.

Proceeds will be used to refinance an existing credit facility that was done in connection with the company's early 2011 buyout by the Carlyle Group.

At close, the existing facility consisted of a $150 million revolver and a $1.025 billion term loan, both priced at Libor plus 375 bps with a 1.5% Libor floor. The term loan was sold at an original issue discount of 99, while the revolver was sold at 981/2.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.