Springboard Finance credit facility to include $30 million revolver

By Sara Rosenberg

New York, Sept. 23 - Springboard Finance LLC, the U.S. operating subsidiary of Skype Technologies SA, revealed that its proposed credit facility will include a $30 million revolver in addition to the previously announced $600 million term loan, according to a market source.

JPMorgan, Barclays and RBC Capital Markets are the lead banks on the $630 million deal (B1).

Timing has not officially been set as of yet, but the current discussion is targeting a bank meeting for next week, the source said.

Price talk on the facility is still to be determined.

Proceeds will be used to help finance 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.

Other funds for the buyout will come from equity from both the buying group and the seller.

eBay Inc., the current owner of Skype, will retain a 35% interest in the company. 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 acquisition, which is not subject to a financing condition, 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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