Savvis to launch $625 million senior secured facility on Thursday

By Sara Rosenberg

New York, July 9 - Savvis Inc. is scheduled to hold a bank meeting with a 9:30 a.m. ET start time on Thursday at the W Hotel in New York to launch its proposed $625 million senior secured credit facility, according to a market source.

Bank of America, Morgan Stanley, Credit Suisse and SunTrust are the joint lead arrangers and bookrunners on the deal.

The facility consists of a $75 million revolver due in 2014 and a $550 million term loan due in 2016.

Proceeds will be used to help repay existing debt, including outstanding bank borrowings and the repurchase of about $345 million of the company's 3% convertible senior notes due May 2012, and for general corporate purposes.

A tender offer for the convertibles began on July 1 and expires on July 29.

Savvis is a Town & Country, Mo.-based provider of cloud infrastructure and hosted IT services.

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