SoftLayer Technologies to launch $230 million facility on Tuesday

By Sara Rosenberg

New York, June 24 - SoftLayer Technologies Inc. is scheduled to hold a bank meeting on Tuesday to launch its proposed $230 million credit facility, according to sources.

Deutsche Bank and SunTrust are the lead banks on the deal.

The facility consists of a $20 million revolver, a $20 million delayed-draw term loan and a $190 million term loan, sources said.

Price talk on the term loans is Libor plus 525 basis points to 550 bps with a 1.75% Libor floor and an original issue discount of 99, sources continued.

Proceeds will be used to help fund GI Partners' acquisition of a majority stake in the company.

SoftLayer is a Plano, Texas-based provider of on-demand data center and hosting services.

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