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Sorenson seeks $198 million first-lien add-on, repricing
By Sara Rosenberg
New York, March 15 - Sorenson Communications is looking to get a $198 million first-lien term loan add-on and reprice its existing first-lien term loan debt, according to a market source.
Goldman Sachs is the lead bank on the deal.
The add-on is being talked at Libor plus 250 basis points, and the existing first-lien debt will be repriced to Libor plus 250 bps from Libor plus 300 bps, the source said.
Proceeds from the add-on will be used to repay the company's holdco PIK loan and a portion of its second-lien term loan.
Sorenson Communications is a Salt Lake City-based provider of video relay services and equipment for the deaf and hard-of-hearing community.
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