Sorenson launches $215 million holdco loan at Libor plus 1,100 bps PIK

By Sara Rosenberg

New York, June 25 - Sorenson Communications Inc. launched its $215 million holdco loan on Wednesday with price talk of Libor plus 1,100 basis points PIK, according to a market source.

The loan has a 3% Libor floor, the source said.

In addition, the loan is non-callable for one-year, then at par in year two, 104 in year three, 102 in year four and 101 in year five.

Investors are being offered the loan at an original issue discount of 97, the source added.

Goldman Sachs and Morgan Stanley are the lead banks on the deal, with Goldman the left lead.

Proceeds will be used to fund a dividend to sponsors.

Sorenson 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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