Sorenson amendment passes to allow second-lien, PIK term refinancing

By Sara Rosenberg

New York, Dec. 16 - Sorenson Communications Inc. received lender approval on its amendment that would permit the refinancing of its second-lien term loan and PIK holdco term loan, according to a market source.

The amendment allows the company to obtain an at least $700 million new second-lien term loan or bonds for the refinancing.

Remaining proceeds from the new debt are allowed to be used for a dividend payment.

In addition, the amendment modifies the leverage ratio.

Goldman Sachs is the agent on the deal.

Lenders are being paid a 50 basis point consent fee.

Sorenson is a Salt Lake City-based provider of industry-leading communications services and products.

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