Sorenson $215 million holdco loan flexed up to Libor plus 1,200 bps PIK

By Sara Rosenberg

New York, July 8 - Sorenson Communications Inc. increased pricing on its $215 million holdco loan to Libor plus 1,200 basis points PIK from Libor plus 1,100 bps PIK, according to a market source.

Pricing on the loan can step up to Libor plus 1,500 bps after three years if leverage at the holdco is still greater than 4.0 times, the source said.

The 3% Libor floor and the original issue discount of 97 were left unchanged.

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.

Goldman Sachs and Morgan Stanley are the lead banks on the deal that will be used to fund a dividend to sponsors, with Goldman the left lead.

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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