Skype targeting Sept. 14 week for launch of $600 million term loan

By Sara Rosenberg

New York, Sept. 2 - Skype Technologies SA is looking at the week of Sept. 14 to hold a bank meeting to launch its proposed roughly $600 million term loan, according to a market source.

JPMorgan, Barclays and RBC Capital Markets are the lead banks on the deal.

The company's credit facility will also include a revolver, but the size is not yet public and it may not be syndicated.

Proceeds from the term loan, along with equity, will be used to help fund the purchase of a 65% stake in the company by an investor group led by Silver Lake and including Index Ventures, Andreessen Horowitz and the Canada Pension Plan Investment Board from eBay Inc.

eBay is expected to receive about $1.9 billion in cash upon the completion of the sale and a subordinated note from the buyer in the principal amount of $125 million. The transaction values the company at $2.75 billion.

The acquisition, which is not subject to financing, is expected to close in the fourth quarter.

Skype is a Luxembourg-based software that enables individuals and businesses to make free video and voice calls, send instant messages and share files with other Skype users.

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