Mosaid syndicates $155 million credit facility at Libor plus 700 bps

By Sara Rosenberg

New York, Dec. 12 - Mosaid Technologies Inc. has fully syndicated a $155 million senior secured credit facility (Ba3/BB-) at pricing of Libor plus 700 basis points with a 1.5% Libor floor and an original issue discount of 971/2, according to a market source.

The facility consists of a $5 million revolver and a $150 million term loan.

RBC Capital Markets LLC is the lead bank on the deal that is currently in the documentation phase and expected to allocate later this week.

Proceeds will be used to help fund the acquisition of the company by Sterling Partners for C$46 per share. The total value of the transaction is about C$590 million.

Closing is subject to, among other things, shareholder approval, which will be sought at a special meeting on Dec. 19.

Mosaid is an Ottawa, Ont.-based intellectual property company.

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